OMV Petrom, the Romanian subsidiary of Austrian energy group OMV, has initiated a crucial new phase for its flagship Neptun Deep project. The company has formally submitted environmental documentation for two new deepwater exploration wells, signaling robust progress toward the planned 2027 production start. This advancement is a clear indicator that the project’s timeline is firming up, a development closely watched by investors given the venture’s strategic importance for both the company and European energy supply.
Operational Milestones and Project Scale
The recent filings for the “Nard-1” and “Anaconda-1” wells are substantive procedural steps that move the project beyond planning. These exploration targets are situated in the Black Sea at water depths of approximately 1,500 meters, with the actual drilling intended to reach depths exceeding 3,000 meters below the seabed. The financial commitment for this phase is significant, with costs estimated in the mid double-digit million U.S. dollar range.
Neptun Deep is operated by OMV Petrom within a joint venture framework alongside Romgaz. With estimated reserves of around 100 billion cubic meters of natural gas, the field holds the potential to transform Romania into the European Union’s largest gas producer. This progress provides fundamental support for OMV’s strategic recalibration following the termination of its Gazprom contracts in 2024, positioning Neptun Deep as the cornerstone of its future growth.
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Market Performance Reflects Growing Confidence
The equity market has responded positively to the consistent operational momentum. OMV shares are currently trading in a stable upward trend, recently quoted at 47.50 euros. This price represents a gain of over 23% since the beginning of the year and places the stock within a narrow 4% range of its 52-week high of 49.36 euros.
Technical analysis underscores this strength. The share price is holding above its 50-day moving average (47.10 euros) and remains comfortably above the 200-day line (46.25 euros). This configuration suggests that any near-term price pullbacks are likely being viewed as buying opportunities by the market, contingent on the continued positive news flow from the Romanian project.
The Path Forward
Looking ahead, the immediate operational focus will be on securing regulatory approval for the submitted environmental documents. Furthermore, the market will scrutinize the company’s fourth-quarter 2026 results, scheduled for release in early February 2026, for further updates. A decisive breakout above the technical resistance level near 49 euros could chart a course for the stock to test new highs, provided the project continues to meet its key milestones.
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