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Exploration & Production

Romania’s offshore law triggers Black Sea delays

A number of producers are pushing back FIDs on projects in the Black Sea to allow time to assess Romania's new offshore gas law A number of producers are pushing back FIDs on projects in the Black Sea to allow time to assess Romania's new offshore gas law.
By Silvia Favasuli 30 October 2018 0 33114
Exploration in the Black Sea offshore Romania Exploration in the Black Sea offshore Romania. (OMV Petrom)

A new draft of Romania’s offshore law approved by parliament last Wednesday has prompted a number of would-be Black Sea producers to push back their FIDs.

OMV said last week that it would be delaying the FID on its $1 billion Neptun project – which it is developing with ExxonMobil – from 2018 to 2019. OMV Chief Executive Rainer Seele said at a panel discussion in Vienna on Wednesday that the law was approved too late for the company to assess the situation on time for...