Romania set to become EU’s largest natural gas producer with ‘Neptune Deep’ project

Romania is set to become the largest natural gas producer in the EU, thanks to the transformative Black Sea Natural Gas Extraction Project known as “Neptune Deep.” Spearheaded by OMV Petrom, the project’s executive director, Christina Verscher, expressed its strategic significance for both the country and the region. With the final investment decision made in June 2023, the project is set to advance into the execution phase, promising to fortify Romania’s energy security and contribute significantly to the state budget, estimated at nearly 20 billion euros. Moreover, “Neptune Deep” stands as a beacon of environmentally-conscious practices, ensuring minimal impact on the marine ecosystem through the use of buried gas pipelines and close monitoring by a team of marine experts and biologists.

In pursuit of their vision for sustainable growth, OMV Petrom continues to invest significantly in exploration and production activities. As Verscher disclosed, their investments in the first half of the year rose by 70 percent to 2.4 billion lei, with over one billion lei dedicated to exploration and production, and 30 percent directed specifically towards exploration endeavors. Furthermore, OMV Petrom and Romgaz have jointly approved a development plan for the Domino and Pelican Sud gas fields within the Neptune Deep perimeter, committing up to 4 billion euros to the project. Expected to generate around 100 billion cubic meters of natural gas production, this endeavor is scheduled to commence production in 2027, delivering approximately 8 billion cubic meters per year over the following decade. Covering an expansive area of 7,500 square kilometers, the Neptune Deep perimeter, located about 160 kilometers offshore and at depths ranging from 100 to 1,000 meters, has been the focal point of accelerated exploration efforts since 2008, culminating in the discovery of its first gas reserves in 2012.

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