Austrian oil and gas group OMV is again postponing an investment decision on its Black Sea exploration project and is now aiming for a decision next year at the earliest, its chief executive said on March 13.
The exploration of the Black Sea Neptun block is a joint venture between OMV’s Romanian subsidiary Petrom and U.S. major Exxon Mobil Corp., and includes the first deepwater exploration well in Romanian waters.
Exxon Mobil is considering exiting the project and OMV has signaled an interest in buying at least part of the Exxon stake.
Recommended Reading
Banks’ Oil, Gas Price Decks Steady Despite Global Uncertainty
2025-06-27 - Haynes Boone’s annual spring survey of energy lender price decks shows some near-term movement, before settling at fall 2024 survey prices with oil in the mid-$50s through 2034.
Pension Funds Eye Oil ETFs Amid Volatility, Middle East Tensions
2025-07-02 - Investors in energy ETFs should be wary of short-term volatility in commodity-linked ETFs amid geopolitical tensions in the Middle East.
Ring Energy Slashes 2Q Capex by 50% After Oil Price Collapse
2025-04-25 - Permian E&P Ring Energy is cutting spending and prioritizing debt reduction with oil prices hanging around $65/bbl.
1Q25 Trend: US Producers Pivot on Market Uncertainty, Cut Capex and Rigs
2025-05-14 - Macro volatility and price uncertainty topped most discussions in first-quarter earnings calls as companies including Diamondback Energy, Occidental Petroleum and Coterra Energy reduce spending and rig counts.
Fiscal Discipline Strategies Shield Industry from Market Turbulence
2025-07-03 - In the last several years, adoption of a newer fiscal discipline model has afforded companies a lifeline amid market instability. Implementing return to capital programs can position companies to weather the volatility storm, Comerica Bank’s Jeff Treadway says.