OMV Petrom Sticks to 2B Euros Cost for Offshore Gas Project - CEO

Christina Vercere CEO of OMV Petrom / Credit: OMV Petrom
Christina Vercere CEO of OMV Petrom / Credit: OMV Petrom

Romanian oil and gas group OMV Petrom is sticking for now to a price estimate of 2 billion euros net for its pending Black Sea offshore gas project, although it is reassessing the costs, its chief executive said on Tuesday.

 "We're working through that right now because not only do we see high inflation, but also in the oil and gas industry globally because of this supply-demand imbalance, there is a lot of investment going on, which is competition for contractors," Christina Verchere told an energy seminar. 

She also said she believed the company's shares were undervalued as investors were waiting for the project. 

(Reuters - Reporting by Luiza Ilie; Editing by Jason Hovet)


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