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
Occidental Petroleum Profit Beats On Permian Basin Strength
Production from Occidental Petroleum's Permian Basin unit rose 57% to 250,000 boe/d in the fourth quarter, boosted by its investments in the basin.
Apache To Close San Antonio Office, Cut 272 Jobs
U.S. oil and gas producer Apache Corp. will close its San Antonio, Texas office overseeing its struggling Alpine High project in the Permian Basin.
Oil Sands Producer Cenovus Energy Posts Wider Quarterly Loss
Cenovus Energy's quarterly loss widened, but the oil sands producer said the impact of output cuts will be more than offset by an improvement in Canadian crude prices this year.