Oil and gas company OMV Petrom announced that the Neptun Deep offshore gas project has entered the development phase after it received regulatory approval. OMV Petrom develops projects in cooperation with natural gas producer Romgaz.
The development phase includes the execution of drilling activities and construction of the infrastructure necessary for the extraction of natural gas, with the first production estimated for 2027.
OMV Petrom and Romgaz will invest up to 4 billion euros in the project’s development phase, which will enable some 100 billion cubic meters of natural gas to be brought on stream. The infrastructure will consist of ten wells, three subsea production systems and associated flow lines pipelines, an offshore platform, the main natural gas pipeline to Tuzla and a natural gas metering station.
OMV Petrom and Romgaz each hold a 50% stake in the project, with OMV Petrom also being the project’s operator. The Neptun Deep block in the Black Sea is located 160 kilometers from the shore.
Once production reaches the plateau stage, Neptun Deep will output 8 billion cubic meters of gas for almost ten years.
