Neptune, the Ray of Light for Romanian energy dependency

The Neptun Deep project is viewed as a pivotal economic opportunity for Romania, offering Europe a strategic alternative to reduce its dependence on external gas sources and bolster energy security through regionally sourced natural gas.

The Neptun Deep project is the largest offshore natural gas venture in the Black Sea and Romania's first deep-sea development. A joint initiative between Romgaz and OMV Petrom, the project is estimated to hold reserves of at least 100 billion cubic metres of natural gas, with the first commercial production anticipated in 2027.

Drilling for the Neptun Deep offshore gas field in the Black Sea commenced in March, setting one of the EU's largest gas deposits on course for production by 2027. This could play a key role in diminishing reliance on Russian gas in Romania, where dependence on gas imports has already been very modest. The project is a joint venture between oil and gas group OMV Petrom and Romania’s state-owned Romgaz, with an estimated 100 billion cubic metres of recoverable gas. OMV Petrom is majority-owned by Austria’s OMV. According to Romania's Ministry of Energy, Neptun Deep is expected to double the country’s gas production, potentially transforming Romania into a net exporter.

This comes at a critical time as the European Union continues to reduce its dependence on Russian gas. However, questions remain over how much of the new gas will be available for export, as Romania’s domestic demand is set to increase while its onshore reserves decline.

Currently, Romania produces just over 9 billion cubic metres of gas annually, slightly below its consumption of 10 billion. This gap is expected to widen, as new gas-fired power plants, totalling 3.5 gigawatts, are set to come online by 2030, phasing out coal. The energy ministry forecasts a 25% rise in annual gas consumption from 2023 to 2030, driven by this shift.

Franck Neel, Member of the Executive Board at OMV Petrom, noted that the project is expected to generate over €20 billion for Romania's state budget over its lifespan, creating thousands of jobs and fostering long-term economic growth. he also stated, that by boosting local production and infrastructure, the project contributes to the overall stability and resilience of the regional energy market.