REG - S.N.G.N. Romgaz S.A. - Confirmation of Neptun Deep Development Plan

Societatea Nationala de Gaze Naturale Romgaz SAAnnouncement

03/08/2023 13:45

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RNS Number : 2577I  S.N.G.N. Romgaz S.A.  03 August 2023

August 3, 2023

 

ANNOUNCEMENT

NEPTUN DEEP PROJECT

Development plan of Domino and Pelican South natural gas commercial fields has
been confirmed - development phase initiation

 

S.N.G.N. ROMGAZ S.A. (Romgaz) informs that the National Agency for Mineral
Resources has confirmed the development plan of Domino and Pelican South
natural gas commercial fields. This moment represents the actual start of the
commercial fields development phase and it consists of drilling and
construction of required infrastructure for exploiting and marketing natural
gas.

 

Domino and Pelican South natural gas commercial fields development plan was
submitted by ROMGAZ BLACK SEA LIMITED together with OMV Petrom for the
National Agency for Mineral Resources confirmation, on June 21, 2023.

 

Razvan Popescu, Romgaz CEO: "The confirmation of Domino and Pelican South
natural gas commercial reservoirs development plan, by the National Agency for
Mineral Resources, represents the phase in which the actual development of
commercial reservoirs begins, a new milestone for Neptun Deep Project. This
important milestone is proof that the decision to invest in Neptun Deep
project was an accurate one, in ROMGAZ benefit as well as ensuring and
consolidating the energy security in Romania."

 

Aristotel Marius Jude, Romgaz Deputy CEO: "We reached a major target for
Neptun Deep project, namely confirmation of resources and reserves in Neptun
Deep block. We will remain engaged in reaching this project's objectives,
which shall result in indisputable benefits for Romania's energy independence.
On behalf of ROMGAZ, we thank all teams that were involved in this project and
the National Agency for Mineral Resources for the continuous efforts in
reaching this target".

 

About NEPTUN DEEP Project

·    S.N.G.N. ROMGAZ S.A. (Romgaz) is the sole shareholder of ROMGAZ BLACK
SEA LIMITED owning a 50% interest in the Neptun XIX deepwater area ("Neptun
Deep"); the other 50% interest is held by OMV Petrom which is also the
operator of the Neptun Deep project.

·    Developing the commercial fields involves an infrastructure consisting
of 10 wells, 3 subsea production systems and associated flow lines pipelines,
an offshore platform, the main natural gas pipeline to Tuzla and a natural gas
metering station. The platform generates its own energy, operating at the
highest safety and environmental protection standards. The entire
infrastructure will be remotely operated through a digital twin. This allows
optimizing the processes and it will improve environment performance by making
energy consumption more efficient and minimizing emissions.

·     ROMGAZ and OMV Petrom will invest up to 4 billion EUR in the
project's development phase.

·     Neptun Deep shall ensure an estimated natural gas volume of 100
billion m(3).

·     The first production is estimated in 2027.

 

About ROMGAZ

S.N.G.N. ROMGAZ S.A. is the largest natural gas producer and the main supplier
in Romania. The company is listed on Bucharest Stock Exchange and GDRs are
traded on London Stock Exchange. The majority shareholder is the Romanian
State owning a 70% stake. The company has a vast experience in the field of
gas exploration and production, with a history that began in 1909 and spans
more than 100 years. ROMGAZ undertakes geological exploration with the aim of
discovering new gas reserves, produces methane by exploiting the reservoirs
included in the company's portfolio and stores natural gas in underground
storages; it performs well interventions, workover and special operations, and
ensures technological transportation professional services. In 2013, ROMGAZ
extended its scope of work by taking over Iernut thermoelectric power plant,
becoming electricity producer and supplier. On August 1, 2022, Romgaz became
sole shareholder of ROMGAZ BLACK SEA LIMITED (established ExxonMobil
Exploration and Production Romania Limited), following the completion of the
sale transaction, and the transfer of all issued shares (representing 100% of
the share capital of) ExxonMobil Exploration and Production Romania Limited,
which holds 50% of the acquired rights and obligations under the Petroleum
Concession Agreement for the Deep Water Zone of XIX Neptun offshore block
located in the Black Sea.

 

Chief Executive Officer,

Razvan POPESCU

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