Naftogaz signs memorandum of cooperation with OMV Petrom for offshore production

The Naftogaz of Ukraine has signed a Memorandum of Cooperation with Romania's OMV Petrom for cooperation in gas exploration and production, according to the press service of the NJSC Naftogaz of Ukraine.

The company reports that the Memorandum was signed in order to begin an analysis of opportunities for joint work in promising oil and gas fields, including in the Ukrainian part of the Black Sea shelf. According to the government's resolution, Naftogaz has already applied for 36 special permits for the exploration of these blocks.

“We consider the OMV Petrom a valuable and reputable partner with investment potential, knowledge, and relevant experience in the region. The OMV Petrom has discovered a promising Neptune field in the Black Sea, has knowledge and technology in offshore drilling, proven experience in successful and efficient land development in the Romanian Carpathians, a region that has a common geological history with the Carpathian region of Ukraine. We see great potential for joint work in these areas, and hope to take some steps to establish cooperation in the near future," said Otto Waterlander, Chief Operating Officer (COO) and Chief Transformation Officer of Naftogaz Group.

“Our strategy is to expand our activities in the Black Sea region. Ukraine is a natural step for assessing opportunities in the area, as the country hosts one of the largest potentials for natural gas production in Europe. We are pleased to start exploring ways of working together with Naftogaz and are focused on efficient, mutually beneficial cooperation to advance some of these opportunities”, Christopher Veit, Member of the OMV Petrom Executive Board responsible for Upstream, summarized.

As reported, in 2020 Naftogaz developed and launched a new Strategy for the resource base development, which aims for doubling the Company's reserves. Exploration and development of the Black Sea areas, tight gas deposits, Yuzivska area, and promising areas in the Western region are among the strategic projects.

17:00 / 15 February 2021

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