Neptun Deep stays on track for 2027 production as Romania expands Black Sea gas supply

First gas remains scheduled for 2027

OMV Petrom and Romgaz are advancing the Neptun Deep offshore development, with production still scheduled to begin in 2027. The partners are investing approximately €4 billion in the project, which is expected to produce about 8 billion cubic metres of natural gas annually.

OMV Petrom chief executive Christina Verchere told an event marking the company’s 25 years on the Bucharest Stock Exchange that the project remained on schedule. She did not narrow the expected date for the first gas beyond 2027. According to Mediafax, Verchere also said work had continued without interruption despite security concerns surrounding operations in the Black Sea.

OMV Petrom operates Neptun Deep and holds an equal interest in the project with Romanian state-controlled gas producer Romgaz. The investment decision was taken in June 2023. Verchere said the partners proceeded with an understanding of the international security environment and incorporated those conditions into the project’s security planning.

Neptun Alpha platform installed offshore

A major construction milestone was reached with the installation of the Neptun Alpha production platform in the Romanian sector of the Black Sea. The structure weighs more than 16,500 tonnes and measures over 225 metres. Installation was carried out with the Saipem 7000, described by the project partners as the world’s third-largest semi-submersible crane vessel.

OMV Petrom and Romgaz announced the successful installation on July 20. The operator is also maintaining other Black Sea activities, including shallow-water operations, while crude oil continues to be delivered to Constanța for refining. Verchere said all these activities, including Neptun Deep, were proceeding without interruption and in close coordination with Romanian authorities.

Project could reshape regional gas availability

At the projected annual rate of about 8 billion cubic metres, Neptun Deep would add a substantial source of domestic supply to Romania’s energy system. The development is described by OMV Petrom as the European Union’s largest natural gas project. Its output could reinforce Romania’s position among EU gas producers and increase the volume available to consumers and market participants in Romania and the wider region.

The development also sits at the centre of OMV Petrom’s longer-term investment programme. The company plans to invest €11 billion by the end of the decade across projects intended to supply current energy demand and support decarbonisation. Alongside Neptun Deep, that programme includes renewable energy, sustainable fuels, biofuels and other lower-carbon activities.

OMV Petrom currently supplies roughly one-third of Romania’s motor fuels and natural gas and accounts for around 10% of the country’s electricity production, according to Verchere. Since its privatisation was completed in 2004, the company has invested more than €21 billion in Romania and contributed over €48 billion through taxes and dividends. Neptun Deep will test whether that established domestic position can be converted into a larger regional gas role once production starts.