OMV Petrom signs new gas supply deals for Neptun Deep project

The Neptun Deep project in the Black Sea, set to become the largest gas production venture in the European Union, has attracted additional buyers, including German utility group Uniper SE, operator OMV Petrom announced, as reported by Bloomberg and Agerpres. The project is scheduled to deliver its first gas in 2027.

OMV Petrom Chief Executive Officer Christina Verchere said the company had concluded “several” agreements in recent weeks and continues discussions with other potential partners.

“There are some markets in Europe that are very ripe for this,” Verchere said during the Gastech conference in Milan. "Buyers are interested in diversifying their portfolios. Nobody puts all their eggs in one basket anymore.”

The Neptun Deep development is expected to boost energy security for Romania and neighbouring countries as the EU seeks to phase out reliance on Russian gas. Europe’s domestic production has declined due to ageing fields, while demand has remained broadly stable despite growth in renewable energy sources.

Verchere said Neptun Deep gas would be competitively priced, highlighting advantages over imported liquefied natural gas (LNG).

“We don’t need to freeze our product and put it on a ship. We put it directly on the European market, and our operational CO2 footprint is small compared to liquefied natural gas,” she noted.

OMV Petrom has not disclosed the full list of companies in negotiations but confirmed its plans to maintain flexibility between long-term supply contracts and volumes sold on the spot market.

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with group-level crude oil and gas production of about 40 million barrels of oil equivalent in 2024. The company operates around 780 filling stations in Romania and neighbouring countries under the OMV and Petrom brands.

(Photo source: Inquam Photos/George Calin)