The Black Sea natural gas project Neptun Deep is progressing on schedule and is expected to deliver first production in 2027, Romanian president Nicușor Dan said after talks with OMV Petrom executives. The project, valued at over EUR 4 billion, is seen as key to boosting the country’s energy security and reducing reliance on imports.

The president met with Alfred Stern, chairman of the supervisory board of OMV Petrom, and CEO Christina Verchere on Monday, March 16, to review the progress of the offshore project, which is expected to nearly double Romania’s gas production once operational.

“This is an investment of over EUR 4 billion that will strengthen Romania’s energy security and reduce our dependence on imports,” Dan said, adding that Neptun Deep will significantly contribute to the country’s energy independence.

Talks also covered recent developments on energy markets, including the impact of the conflict in the Middle East. OMV Petrom representatives presented short- and medium-term scenarios, as well as potential risks linked to global supply disruptions, Nicușor Dan also said.

“The closure of the Strait of Hormuz creates major difficulties for all oil- and fuel-importing countries. Romania has its own resources, but they are insufficient, which is why we import approximately 80% of the crude oil needed for domestic consumption,” the president stated.

“We agreed that there will be close cooperation with the government so that Romania can navigate this new period of pressure on energy prices,” he added.

Separately, prime minister Ilie Bolojan also met OMV representatives at the Victoria Palace, where discussions focused on the company’s investment plans and fuel supply security. OMV Petrom announced a record investment budget of RON 9.4 billion for this year, with Neptun Deep remaining its most important project.

According to the government statement, company officials stressed that the project will supply both the domestic market and exports, while also contributing to regional energy stability.

Discussions also addressed fuel prices and supply chain challenges, as global oil markets remain affected by geopolitical tensions. Authorities and company representatives agreed to maintain close coordination to ensure supply security and mitigate the impact of rising energy prices, as Romania continues to monitor developments in the region, the executive said.

irina.marica@romania-insider.com

(Photo source: Presidency.ro)