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OMV to delay decision on Black Sea JV project with Exxon

Published 10/25/2018, 02:59 PM
© Reuters.  OMV to delay decision on Black Sea JV project with Exxon
  • OMV (OTCPK:OMVJF) says it has postponed an investment decision on its Black Sea exploration project until next year because the Romanian government took too long to set the framework conditions.
  • The exploration of the Black Sea Neptun block is a joint venture between OMV's Romanian subsidiary Petrom and Exxon Mobil (NYSE:XOM), and includes the first deepwater exploration well in Romanian waters.
  • Romania's lower house of parliament approved the long-awaited offshore hydrocarbons legal framework yesterday, but OMV CEO Rainer Seele says the move comes too late for the company to make a decision this year.
  • We are very concerned regarding the fact that we will be restricted in the marketing of the gas," Seele says. "The freedom in the marketing of the gas is very important."
  • Now read: Equinor ASA 2018 Q3 - Results - Earnings Call Slides


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