Romania has granted OMV Petrom and Romgaz a two-year extension for exploration activities in the Neptun Deep offshore block, moving the deadline to November 2027 while keeping the overall concession period unchanged through 2045. The extension allows the partners additional time to complete their exploration commitments, including a new deep-water drilling campaign.
As part of its plans, OMV Petrom aims to finalize ten production wells in the Domino and Pelican South perimeters by the end of 2026, targeting first gas in 2027.
The extended agreement comes with several legal conditions. Notably, OMV Petrom must withdraw its arbitration case filed under the 2021 Rules of the International Court of Arbitration in Paris, along with related proceedings in Romanian courts. While the company will drop these actions, it retains its contractual rights to revenues from already executed commercial agreements for Neptun Deep gas. The renegotiated terms also address environmental remediation responsibilities and fiscal predictability.
The extension follows OMV Petrom’s October request for a short postponement to avoid contractual non-compliance, which could have led to forfeiting part of the concession and a 50 million euro penalty. Earlier this week, the company submitted environmental documentation for the upcoming Anaconda-1 deep-sea well to the Constanta environmental authority. This well is intended to test for additional reserves beyond previously confirmed discoveries and is considered critical for retaining rights to the relevant section of the block.
Both partners have prepared technical documentation for the new exploration well, planned at depths exceeding 3,000 meters. Earlier studies had identified two prospects within Neptun Deep, Nard-1 and Anaconda-1, which remain central to the broader exploration strategy.
