OMV Petrom has taken a final investment decision (FID) on Romania’s Neptun Deep project in the Black Sea.
The total investment in the development is 4 billion euros ($4.4bn) and first gas is due in 2027. Neptun Deep will reach a peak production of around 8 billion cubic metres per year for 10 years, with total recoverable volumes of 100 billion cubic metres.
The plan covers the development of the Domino and Pelican South offshore gas fields. The companies plan to drill 10 wells and install three subsea production systems and associated flowlines, with an offshore platform and a gas pipeline to Tuzla.
OMV will operate the project remotely, using a digital twin.
OMV CEO Christina Verchere said this was the first deepwater offshore project in Romania. “This is a major step forward in our Strategy 2030 execution and will bring a significant shift in our portfolio.”
Romgaz CEO Razvan Popescu said the project was strategic for Romania and the region. It will secure “the required natural gas and the country’s energy transition. Starting with 2027, we will have a new natural gas source with potential to significantly increase the country’s natural gas production, thus securing safety of supply.”
OMV is the operator with a 50% stake, while Romgaz has the other 50%. The companies are submitting the development plan to the National Agency for Mineral Resources (NAMR) for approval.
Romgaz deputy CEO Aristotel Marius Jude expressed confidence the NAMR would approve “as soon as possible” the development plan.
Competitive
The operator said the costs and emissions were low. It has estimated unit costs of $3 per boe for the life of the field and a carbon footprint of 2.2 kg per boe.
The Neptun Deep block covers 7,500 square km and is around 160 km from shore. The licence covers water depths ranging from 100 to 1,000 metres.
Exploration began in 2008 and the first gas discovery was made in 2012. Romgaz bought out ExxonMobil from the project in 2022, paying $1.06bn for the asset.
At the time, Exxon head of upstream Liam Mallon said the company was focusing “our investments in advantaged assets with a low cost of supply”. Some tax and regulatory issues in moving the project forward contributed to Exxon’s decisions.
OMV signed a deal with Transgaz to book pipeline capacity in March. The deal will run from September 2026 to 2042.
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