Neptun Deep gas project : OMV Petrom, Romgaz commit to €4bn development

OMV Petrom and Romgaz have sanctioned a final investment decision (FID) for the development of the Neptun Deep gas project in the Romanian Black Sea.

With an anticipated expenditure reaching up to €4 billion, this move marks a significant investment in the Romanian energy sector.

Neptun Deep is considered the largest natural gas project in the Romanian part of the Black Sea, with a potential recoverable volume of approximately 100 billion cubic meters (bcm) of natural gas. The venture encompasses the development of the Domino and Pelican South fields within the Neptun Deep block, with first gas from the offshore project expected in 2027.

Development infrastructure for the Domino and Pelican South natural gas fields comprises ten wells, three subsea production systems, and linked flow lines. Integral components also include an offshore platform, a natural gas pipeline to Tuzla, and a natural gas measurement station. The platform will generate its own energy, with the entirety of the infrastructure to be remotely operated through a digital twin.

Christina Verchere — OMV Petrom CEO said: “With the final investment decision for the Neptun Deep 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 ~30 times the current annual demand of ~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.”

OMV Petrom and Romgaz commit to €4bn Neptun Deep gas project. Photo courtesy of OMV Petrom.

Both OMV Petrom and Romgaz are poised to submit the development plan to the National Agency for Mineral Resources for approval. These partners hold an equal 50% stake in the Neptun Deep gas project, with OMV Petrom assuming the role of the operator.

When it hits full production capacity, the Neptun Deep gas project is projected to yield an annual output of roughly 8bcm per year, or around 140,000 barrels of oil equivalent per day (boe/d) for nearly a decade. The Neptun Deep Block, which spans 7,500km2 and is located roughly 160km from the shore, is situated in water depths varying from 100m to 1,000m.

Răzvan Popescu — Romgaz General Manager saud: “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. We are proud to be part of an innovative project, which will bring significant benefits to the country, in the long term.”