WOOD Flash – OMV Petrom: Romanian Offshore Law passed by parliament
The new offshore law was passed by the Romanian parliament yesterday (24 October), in line with the proposals under discussion over the past few weeks, but with one very important last-minute amendment. The legislation still needs to be signed by the president, but we are now very close to a position where Petrom / Exxon can make a final investment decision (FID) on the Neptun investment. During the parliamentary debate, the government quoted a number of assumptions, the most important of which was the expectation that a total of 115 BCM will be produced. This exceeds the volumes the company had announced previously. We are still awaiting detailed investment costs, but the previously-announced investment plan for 2017–21E was for EUR 5bn in total, of which we believe at least 50% is for Petrom’s half of this project. The investment costs will be discounted from future tax liabilities. We believe that this investment should be transformational for Petrom, increasing its production volumes, reserves and earnings significantly.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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