OMV’s Strategic Push into Black Sea Gas Development

OMV Petrom, the Austrian energy group's Romanian subsidiary, is advancing decisively into a new phase of its deepwater exploration program in the Black Sea. The submission of fresh environmental documentation for the "Anaconda-1" well marks a pivotal step forward, underscoring a dual focus on securing new resources and rigorously fulfilling contractual obligations to maintain its concession rights.

The planned Anaconda-1 exploration well, situated in the Neptun Deep block, represents a significant strategic move for the partnership of OMV Petrom and Romgaz. Drilling in approximately 1,500 meters of water is a mandatory requirement to retain the full scope of the Neptun Deep concession area. Failure to proceed would have resulted in a partial forfeiture of the license.

This operation involves a substantial investment of around $62 million, funding a technically complex drill that will reach a total depth of nearly 3,700 meters below the seabed. The primary objective is to confirm the existence of additional natural gas reserves that could augment the partnership's resource base. Market sentiment appears receptive to this operational progress, with OMV shares currently trading at €47.50, holding firm above the 50-day moving average of €47.05. The stock has appreciated by 23.57% since the start of the year.

Key Details of the Anaconda-1 Project:
* Location: Neptun Deep block
* Water Depth: ~1,500 meters
* Total Drill Depth: ~3,700 meters
* Estimated Investment: $62 million

Core Neptun Deep Development Progresses On Schedule

Parallel to this exploratory effort, the core development of the larger Neptun Deep project continues according to plan. The Pelican Sud and Domino fields, with confirmed reserves of approximately 100 billion cubic meters of gas, remain the central focus. Work is currently centered on installing ten subsea production wells.

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Total infrastructure investment by the partners is projected to reach up to €4 billion. The timeline remains unchanged, targeting first gas production in 2027. Achieving this milestone would elevate Romania to the position of the largest natural gas producer within the European Union, significantly bolstering OMV's standing in the regional energy market.

Aligning Operations with Long-Term Strategy

These developments in the Black Sea directly support the strategic roadmap OMV updated in October 2025. The group aims to increase its total production to 400,000 barrels of oil equivalent per day by 2030, a marked rise from the 340,000 barrels produced in 2024.

Operational expansion is being complemented by shareholder-focused financial measures. A current share buyback program, with a volume of up to €60 million, is servicing employee share schemes. Furthermore, a revised dividend policy is slated to take effect beginning in 2027.

The upcoming drilling campaigns for Anaconda-1 and the similarly identified Nard-1 target will ultimately determine if estimated reserves can be expanded. For investors, the critical near-term catalyst remains the 2027 production start date, which must successfully convert the substantial upfront capital expenditures into sustained cash flow.