Austria’s OMV Petrom and Romania’s state-owned Romgaz have announced the launch of construction works on the 160 km-long offshore gas pipeline designed to transport gas from offshore fields in the Black Sea to the Romanian shore, representing a key milestone for the Neptun Deep project (OMV press release, 04/05/2026).
- Romania's Neptun Deep Black Sea gas project stands as one of the European Union's most significant energy deposits, holding an estimated 100 bcm of recoverable gas, enough to produce 8 bcm/year of natural gas.
- Upon commencing gas production in 2027, Neptun Deep will nearly double Romania's gas output, which stood at 9.2 bcm in 2025 (Enerdata Global Energy & CO2 data), and position it as a likely net exporter amid the EU's efforts to reduce reliance on Russian gas. The project will supply Germany and Moldova, with other European countries like Slovakia expressing interest (Reuters, 04/05/2026).
The initiative operates as a joint venture between OMV Petrom, which is majority-controlled by Austria's OMV, and Romania's state-owned Romgaz.
“Neptun Deep is a strategic project for Romania and for the energy security of the region, involving investments of around EUR4bn and an estimated annual production of around 8 bcm of natural gas. In 2026, we will make significant progress here in Romania: installing the offshore pipeline, subsea equipment, and the production platform”, according to the CEO of OMV Petrom.