OMV Petrom and Romgaz move ahead with Neptun Deep offshore project

OMV Petrom and Romgaz, the largest gas producers in Romania, have greenlit plans to develop commercial natural gas fields in the Neptun Deep block in the Romanian Black Sea.

The first production is estimated for 2027. Production at the plateau will be approximately 8 bcm annually (~140,000 boe/d), for almost 10 years, the companies said.

OMV Petrom and Romgaz will invest up to EUR 4 billion for the development phase of the project, which will enable around 100 bcm of natural gas to be brought onstream. OMV Petrom is the operator, with each company having a 50% interest in the project.

“We are opening a new game-changing chapter for the Romanian energy sector. Together with our partner, Romgaz, we are entering the development phase of the first deepwater offshore project in Romania. The project will contribute to Romania’s economic growth and will strengthen the country's energy security. To give an example of the project’s size: the estimated natural gas production is equivalent to around 30 times the current annual demand of roughly 4,300,000 households. It is also a major step forward for our Strategy 2030 that aims at supporting the energy transition in Romania and in the region,” said Christina Verchere, CEO of OMV Petrom, in the press release.

The Neptun Deep Block in the Black Sea has an area of ​​7,500 square km and is located at about 160 km from the shore, in waters between 100 and 1,000 meters deep.

The infrastructure required for the development of the Domino and Pelican South offshore natural gas fields includes 10 wells, 3 subsea production systems, and associated flow lines, an offshore platform, the main natural gas pipeline to Tuzla, and a natural gas measurement station.

The entire infrastructure will be operated remotely, through a digital twin. This allows for process optimization and will contribute to the improvement of environmental performance, by making energy consumption more efficient and reducing emissions.

"Neptun Deep is a strategic project for Romania and for the region from the perspective of ensuring the natural gas needs and from the perspective of decarbonization. Starting with 2027, we will have a new source of natural gas, which has the potential to significantly increase the country's natural gas production,” added Răzvan Popescu, general manager of Romgaz.

Environmental NGO Greenpeace also reacted to the news, saying that the Neptun Deep project will be catastrophic for biodiversity, the environment, and the Romanian coastline, affecting marine habitats. “Offshore gas exploitation jeopardizes - without any climate or environmental justification, nor even an economic one - an ecosystem representative of Romania and portions of its coastline. Romania has much better options and a great potential for clean energy. Initiating the exploitation is an irreparable mistake for which we will all have to pay,” said Alin Tănase, campaign coordinator at Greenpeace Romania, in a press release.