The Romanian gas company Romgaz and OMV Petrom, a subsidiary of Austria’s OMV, have made a final investment decision (FID) to develop the 100 bcm Neptun Deep gas field, located in the Romanian Black Sea.
OMV Petrom will be operator of the project, in a 50:50 partnership with Romgaz. The two companies will jointly carry out the development work, investing up to €4bn in the project. First gas is expected for 2027 and production at the plateau will reach 8 bcm/year (140 kboe/d), for almost 10 years. The development of the field is expected to allow Romania to become the largest gas producer in the European Union.
Earlier in June 2023, Romania’s gas transmission operator Transgaz awarded the construction contract for a 308 km pipeline to a subsidiary of Turkey’s Kalyon Group. The Neptun Deep Block in the Black Sea has an area of 7,500 square km and is located at about 160 km from the shore, in waters between 100 and 1,000 meters deep.