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OMV hits pause button on Black Sea plans

The company’s spending plans for 2019 do not include investment in the region, a move that is the result of Romania’s unstable legal framework The company’s spending plans for 2019 do not include investment in the region, a move that is the result of Romania’s unstable legal framework.
By Silvia Favasuli 7 February 2019 Europe & Russia / Exploration & Production 0 33921
A rig in the Black Sea off Romania.

OMV’s spending plan for 2019 does not include investment in the Romanian offshore project it is co-developing with ExxonMobil, suggesting the Austrian player is taking a long break on developments in the Black Sea.

During the presentation of its 2018 annual financial results on Wednesday afternoon, OMV Petrom Chief Executive Christina Verchere said the company’s planned 2019 capex will amount to RON 3.7 billion ($890 million). Of this, 75% will be dedicated to the upstream sector and in particular to maximising the value of the company’s...