OMV Petrom calls for Romanian fiscal stability

New deepwater gas play needs greater clarity on terms

OMV Petrom, the Romanian independent 51pc owned by Austria's OMV, believes Romania could develop into Europe's third-largest gas producer and a significant exporter into central and eastern Europe (CEE) and beyond. But board member Franck Neel cautions that a stable fiscal regime is key to making progress on developing the Neptun Deep discovery in the country's deepwater offshore, in which OMV is an equal partner with operator ExxonMobil. "For such a big investment, you need to know what the tax level is," he told Petroleum Economist at the Flame gas conference in Amsterdam in May. The recent signs have not been particularly promising. The country had been making progress towards a more libe