Taking into account the strategic importance of the Neptun Dep offshore natural gas project, but also the risks in the area, the Ministry of Defence assured that the maritime space is "permanently monitored", although the exclusive economic zones, such as those hosting the project, do not constitute national territory per se.

The statement comes after the Head of Staff, Gheorghita Vlad, said that the project is not covered by the security guarantees provided by Romania's Nato membership. Such statements can influence the evaluation of the risks involving the project, including the insurance cost and the assessment of the investment opportunity by the project operator, OMV Petrom.

"Regarding the legal regime of the Exclusive Economic Zone (EEZ), we specify that it is regulated by the United Nations Convention on the Law of the Sea, which establishes that the coastal state exercises sovereign rights to explore and exploit natural resources, without this space constituting national territory itself. Coastal states have sovereign rights to explore and exploit economically (fishing, mining, wind energy) in the Exclusive Economic Zone (EEZ), extended up to 200 nautical miles, but these waters are not national territory, other nations enjoy freedom of navigation, overflight and laying cables/pipelines, respecting the rights of the coastal state," according to the press office of the Ministry of National Defense cited by Ziarul Financiar.

Neptun Deep, the deep-sea gas production project in the Black Sea, developed by OMV Petrom and Romgaz, is a EUR 4 billion investment, on schedule, which should start production in the fall of 2027. 

An annual production of about 8 billion cubic meters of the best quality gas is estimated, which would make Romania an independent state in terms of gas supply and an exporter in the region. 

In total, Neptun Deep has a reserve of at least 100 billion cubic meters, the equivalent of Romania's 10-year consumption.

iulian@romania-insider.com

(Photo source: Inquam Photos/George Calin)