OMV Petrom Strikes Deal to Deliver Gas to Moldova

SEATTLE (Oil Monster): Romanian oil and gas company OMV Petrom has signed a commercial deal with the Moldovan government towards delivery of gas from Neptun Deep field in the Black Sea.

The contract signed between the two parties calls for supply of natural gas to the virtual trading point (VTP) in Romania for a period of three years. The final destination of the supply would be the Republic of Moldova. The gas will be supplied from Neptun Deep field, which has an estimated oil reserves of approximately 100 billion cubic meters. The first deliveries are expected by 2027.

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The agreement is considered to be critical for Moldova, which has been dependent on supplies from Moscow for the past several decades. The country has been attempting to diversify its supply following the Russian invasion of Ukraine.

According to Sebastian Burduja, Minister of Energy of Romania, the new gas delivery contract to Moldova further confirms Romania’s role as a provider of energy security in the region. It confirms the viability of the Neptun Deep project and the maturation of the Romanian energy market, he added.

The deal is expected to account for nearly one-fourth of Moldova’s total gas demand. It must be noted that the country total demand for gas is estimated at around 3.2 billion cubic meters per year.