site.btaOMV Petrom, Romgaz Take Final Investment Decision on Neptun Deep Offshore Natgas Project

OMV Petrom and Romgaz announced their final decision to develop Neptun Deep, the largest natural gas projects in the Romanian Black Sea waters.

The two companies will invest up to EUR 4 billion in the development phase of the project, which will make it possible to produce an estimated gross volume of 100 billion cu m of gas, to be shared equally between the two partners. The first gas is planned for 2027. "Romania will become the largest natural gas producer in the EU and a net natural gas exporter, strengthening security of supply," OMV Petrom said in a press release. The project is expected to increase the company's earnings before interest and taxes (EBIT) by 50% in 2030.

The 7,500 sq m Neptun Deep Block is located at about 160 km off the Romanian coast, at a depth ranging from 100 to 1,000 m. Since 2008, exploration in the block have included two 3D seismic acquisition campaigns and two exploration drilling programmes. The first natural gas discovery was made in 2012. The total exploration and appraisal expenses to date exceed EUR 1.5 billion.

The infrastructure required for the development of the Domino and Pelican South offshore natural gas fields includes 10 wells, 3 subsea production systems and associated flow lines, an offshore platform, the main natural gas pipeline to Tuzla, and a natural gas measurement station. The platform generates its own energy, operating at the highest standards of safety and environmental protection. The entire infrastructure will be operated remotely, through a digital twin. This makes it possible to optimize the process and will contribute to an improved environmental performance by making energy consumption more efficient and reducing emissions.