Naftogaz to cooperate with Southeast Europe's largest energy company

National Joint Stock Company Naftogaz of Ukraine and Romania's OMV Petrom have signed off a memorandum of cooperation on gas exploration and production in Ukraine.

That's according to the Naftogaz press service.

Naftogaz and OMV Petrom will start analyzing cooperation opportunities in promising oil and gas areas in the Ukrainian part of the Black Sea.

According to the government's decision, Naftogaz has already submitted applications for 36 special exploration permits as regards the said areas.

Read alsoNaftogaz elaborates on Ukraine's further steps if Nord Stream 2 not implementedOMV Petrom is referred to as a "valuable and reputable" partner for Naftogaz, with investment potential, knowledge and relevant experience in the region.

OMV Petrom had previously discovered the promising Neptune field in the Black Sea, the report reads, adding that the company champions knowledge and technology in offshore drilling, as well as proven experience in the successful and efficient development of onshore sites in the Romanian Carpathians, a region that shares a geological history with the Carpathian region in Ukraine.

Background

In November 2020, the Cabinet of Ministers of Ukraine granted NJSC Naftogaz of Ukraine a permit for the pilot industrial development of gas-bearing subsoil on the Black Sea shelf for a period of 30 years.

NJSC Naftogaz of Ukraine

Naftogaz is Ukraine's largest state-owned vertically integrated oil and gas company, whose enterprises produce about 80% of the country's gas and oil.

OMV Petrom

Romania's OMV Petrom is the largest integrated energy company in Southeast Europe.