Romania's National Agency for Mineral Resources has given its endorsement to the development plan for a significant deepwater natural gas project in the Black Sea. OMV Petrom, South-Eastern Europe's integrated energy company and the project's operator, described it as Romania's first deepwater endeavor and "the largest natural gas project" in the Romanian area of the Black Sea.

Just two months after OMV Petrom and its partner Romgaz, Romania's main gas producer, approved the development plan for the Domino and Pelican South commercial natural gas fields in the Neptun Deep block offshore Romania, the National Agency for Mineral Resources has endorsed it, setting the stage for the Neptun Deep project's development phase. The development phase includes drilling activities and infrastructure construction for gas extraction, with the first production expected in 2027.

Razvan Popescu, Romgaz CEO, expressed his satisfaction with the endorsement, stating that it marks the beginning of the development of the commercial reservoirs and solidifies energy security in Romania.

OMV Petrom holds a 50% interest in the project, and Romgaz is its partner, also holding 50%. The companies plan to invest up to €4 billion (approximately $4.4 billion) for the development phase, primarily during 2024-2026. This investment will facilitate the production of around 100 billion cubic meters of natural gas, turning Romania into the largest gas producer in the EU and a net natural gas exporter.

The infrastructure required for the development of the offshore gas fields includes ten wells, three subsea production systems and associated flow lines, one offshore platform, and the main natural gas pipeline to a metering station near Tuzla. The platform will operate remotely through a digital twin, ensuring high safety and environmental standards while optimizing processes and reducing emissions.

Since 2008, exploration activities in the Neptun Deep block have included seismic campaigns and drilling programs, with the first natural gas discovery made in 2012. The total exploration and appraisal expenses to date amount to over €1.5 billion (approximately $1.64 billion).

Located about 160 km from the shore, the Neptun Deep block in the Black Sea covers an area of ​​7,500 square km. The project is expected to have a low carbon footprint, with a projected carbon footprint of around 2.2 kg CO2/boe, below the industry average of 16.7 kg CO2/boe, according to IOGP data. The Neptun Deep project promises to be a significant step forward for Romania's energy independence and environmental performance.