OMV's Neptun Deep offshore gas project in Romania is expected to add about €500 million ($557 million) to the Austrian energy firm's yearly operating earnings at full plateau production, CEO Emma Delaney said on Thursday.
This sum would be equal to around 11 per cent of the company's adjusted operating profit in 2025. The project is almost 90 per cent completed, Delaney told analysts in a call following OMV's third-quarter results.
Neptun Deep, Romania's biggest energy project in almost two decades, is a joint venture between OMV Petrom, majority-controlled by OMV, and state-owned Romgaz.
OMV expects to start production in the first half of 2027, with an aim to reach peak capacity by end of the third quarter. The site is estimated to hold around 100 billion cubic metres of recoverable gas.
"Refining is delivering the cash today, while Neptun Deep is the more durable growth story," AlphaValue analyst Frédéric Lorec told Reuters after the results were published.
(Reporting by Tristan Veyet and Danny Callaghan in Gdansk, editing by Milla Nissi-Prussak)