March 13, 2020 / 11:00 AM / 3 months ago

OMV again postpones decision on Black Sea offshore investment

FILE PHOTO: The logo of Austrian oil and gas group OMV is seen at a gas station in Vienna, Austria, October 30, 2018. Picture taken October 30, 2018. REUTERS/Heinz-Peter Bader/File Photo

VIENNA (Reuters) - 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 Friday.

The exploration of the Black Sea Neptun block is a joint venture between OMV’s Romanian subsidiary Petrom and U.S. major ExxonMobil, and includes the first deep-water exploration well in Romanian waters.

ExxonMobil is considering exiting the project and OMV has signalled an interest in at least buying part of the Exxon stake.

Reporting by Kirsti Knolle; Editing by Michelle Martin

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