Acasă » Oil&Gas » Exploration & production » It’s official: OMV Petrom and Romgaz announce the investment decision for Neptun Deep, shares rising

It’s official: OMV Petrom and Romgaz announce the investment decision for Neptun Deep, shares rising

Bogdan Tudorache

OMV Petrom and Romgaz have approved the development plan for the Domino and Pelican Sud commercial natural gas fields in the Neptun Deep perimeter. Following the announcement, the titles of both companies listed on the Bucharest Stock Exchange appreciated modestly, by 0.12% in the case of Romgaz (SNG) and, correspondingly, 0.41% in the case of Petrom (SNP), at around 11.30 am.

The project is to be submitted to the National Agency for Mineral Resources for confirmation. OMV Petrom is the operator, with each company having a 50% stake in the project. Neptun Deep will supply a total volume of about 100 billion cubic meters of gas, and production will begin in 2027. Thus, Romania will become the largest gas producer in the EU. The planned investments for the development of the project reach about 4 billion euros.

“With the final investment decision for the Neptun Deep project, we are opening a new chapter for the Romanian energy sector. Together with our partner, Romgaz, we are entering the development phase of the first deep offshore project in Romania. The project will contribute to Romania’s economic growth and strengthen the country’s energy security. To illustrate the size of the project: the production is equivalent to the current annual natural gas demand of about 4.3 million households multiplied about 30 times. It is also a major step for our 2030 strategy through which we support the energy transition in Romania and in the region,” said Christina Verchere, CEO of OMV Petrom.

“Neptune Deep is a strategic project for Romania and the region from the perspective of ensuring the natural gas needs and the energy transition of the country. Starting in 2027 we will have a new source of natural gas, which has the potential to significantly increase the country’s natural gas production. We are proud to be part of an innovative project, which will bring significant long-term benefits,” added Răzvan Popescu, General Manager of Romgaz.

“The Neptun Deep project enters a new phase today, the decision to invest in the development of deposits in this perimeter is a historic one for all interested parties and will bring undeniable benefits to Romania’s energy security and independence. We remain committed to achieving the objectives of this project and we are confident that the National Agency for Mineral Resources will confirm, as soon as possible, the development plan for the Domino and Pelican Sud commercial deposits in the Neptun Deep perimeter, from which point the development phase of these deposits,” also said Aristotel Jude, Deputy General Manager, Romgaz.

The infrastructure required for the development of the Domino and Pelican Sud offshore natural gas fields includes 10 wells, 3 subsea production systems and the associated gathering pipeline network, an offshore platform, the main gas pipeline to Tuzla and a gas measurement station. The platform generates its own electricity, operating to the highest standards of safety and environmental protection. The entire infrastructure will be operated remotely, by means of a digital replica (digital twin).

Production at the plateau will be approximately 8 billion cubic meters annually (140,000 boe/d) for approximately 10 years.

The Neptun Deep perimeter in the Black Sea has an area of 7,500 sqkm and is located at a distance of about 160 km from the shore, in waters between 100 and 1,000 meters deep. Exploration of the perimeter was accelerated in 2008 and included two 3D acquisition campaigns and two exploration drilling campaigns. The first gas discovery took place in 2012.

Autor: Bogdan Tudorache

Active in the economic and business press for the past 26 years, Bogdan graduated Law and then attended intensive courses in Economics and Business English. He went up to the position of editor-in-chief since 2006 and has provided management and editorial policy for numerous economic publications dedicated especially to the community of foreign investors in Romania. From 2003 to 2013 he was active mainly in the financial-banking sector. He started freelancing for Energynomics in 2013, notable for his advanced knowledge of markets, business communities and a mature editorial style, both in Romanian and English.

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