The Neptun Deep project is ahead of schedule, with first gas extraction expected in the first half of 2027, Energy Minister Bogdan Ivan said on Monday after a meeting of the National Energy Task Force.
"Progress on the Neptun Deep project is slightly ahead of the schedule set at the start of the project. My estimate is that the first gas will be extracted from the Black Sea in the first half of 2027," the minister said.
According to him, total annual output under the Neptun Deep project will amount to around eight billion cubic metres.
"It is a EUR 4 billion investment, with 50% by Romgaz, which is 70% owned by the Romanian state, and 50% by OMV Petrom. Annual total extraction will be approximately eight billion cubic metres. Through this project, Romania will become the largest natural gas producer in the European Union, which will be extremely beneficial both for household consumers and for companies in our country, especially those with high natural gas consumption, such as firms in the petrochemical and fertiliser industries," Bogdan Ivan stressed.
On 25 March 2025, OMV Petrom and Romgaz announced the start of drilling for the development and exploitation of the Pelican Sud and Domino natural gas fields in the Neptun Deep perimeter, located 160 km offshore in the Black Sea.
The two companies are jointly investing up to EUR 4 billion in the development of the Neptun Deep project.
On 1 August 2022, Romgaz became the sole shareholder of Romgaz Black Sea Limited (formerly ExxonMobil Exploration and Production Romania Limited), following the completion of the acquisition and transfer of all shares issued by ExxonMobil Exploration and Production Romania Limited, which holds 50% of the rights and obligations under the petroleum agreement for the deep-water area of the offshore Neptun XIX perimeter in the Black Sea
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