OMV Petrom along with its partner Romgaz, has made the Final Investment Decision for the development of the Neptune Deep project in the Black Sea. OMV Petrom is the operator of the project, with a 50% participating interest. The two companies approved the development plan for the Domino and Pelican South commercial natural gas fields in the Neptune Deep offshore block, which is being submitted to the National Agency for Mineral Resources (NAMR) for endorsement.
The infrastructure required for the development of the Domino and Pelican South commercial offshore natural gas fields includes ten wells, three subsea production systems and associated flow lines, one offshore platform, the main natural gas pipeline to Tuzla and a natural gas measurement station. The platform generates its own energy, operating at the highest standards of safety and environmental protection. The entire infrastructure will be operated remotely, through a digital twin. This allows for process optimization and will contribute to the improvement of our environmental performance, by making energy consumption more efficient and reducing emissions.
“With the Final Investment Decision for the Neptune Deep project, we are entering the development phase of the first deepwater offshore project in Romania together with our partner, Romgaz”, said Christina Verchere, CEO of OMV Petrom. “This is a major step forward in our Strategy 2030 execution and will bring a significant shift in our portfolio.”
Total development CAPEX is estimated at up to EUR 4 bn, to be spent mostly during 2024-2026. First production is expected in 2027, at an unit production cost is estimated at an average of 3 USD/boe, for the life of field.
Plateau production is estimated at around 140 kboe/day for almost 10 years . Estimated recoverable volumes are currently at around 100 bcm (~700 mn boe).
“Romania will have a surplus of natural gas, practically doubling its production well above the current domestic consumption needs”, said the former Minister of Energy Virgil Popescu in a post on Facebook.
The Neptune Deep block in the Black Sea has an area of 7,500 square km and is located about 160 km far from the shore, in water depths between 100 and 1,000 meters. Since 2008, the exploration activities in the Neptun Deep block have included two 3D seismic acquisition campaigns and two exploration drilling programs. The first natural gas discovery was made in 2012. The total exploration and appraisal expenses to date amount to more than EUR 1.5 bn.