OMV Petrom and its partner Romgaz have taken a final investment decision (FID) to develop the Neptun Deep gas project in the Romanian Black Sea with an investment of up to €4bn.

According to the partners, Neptun Deep is the largest natural gas project in the Romanian portion of the Black Sea with an estimated recoverable volume of around 100 billion cubic meters (bcm) of natural gas.

The project calls for the development of the Domino and Pelican South fields in the Neptun Deep block. First gas from the offshore Romanian natural gas project is expected to be drawn in 2027.

Romgaz general manager Răzvan Popescu said: “Neptun Deep is a strategic project for Romania and for the region from the perspective of ensuring the natural gas needs and from the perspective of decarbonization.

“Starting with 2027, we will have a new source of natural gas, which has the potential to significantly increase the country’s natural gas production.”

The infrastructure needed to develop the Domino and Pelican South natural gas fields will be 10 wells, three subsea production systems, and associated flow lines. An offshore platform, a natural gas pipeline to Tuzla, and a natural gas measurement station will also be a part of the project.

The platform will produce its own energy and the entire infrastructure will be remotely operated with the help of a digital twin.

OMV Petrom and Romgaz will submit the development plan to the National Agency for Mineral Resources for approval. The two partners have a stake of 50% each in the Neptun Deep gas project with OMV Petrom being the operator.

OMV Petrom CEO Christina Verchere said: “With the final investment decision for the Neptun Deep project, we are opening a new game-changing chapter for the Romanian energy sector. Together with our partner, Romgaz, we are entering the development phase of the first deepwater offshore project in Romania.

“The project will contribute to Romania’s economic growth and will strengthen the country’s energy security. To give an example of the project’s size: the estimated natural gas production is equivalent to ~30 times the current annual demand of ~4,300,000 households.”

The plateau production of the Neptun Deep gas project is expected to reach an annual output of approximately 8bcm per year or around 140,000 barrels of oil equivalent per day (boe/d) for a period of nearly 10 years.

Spanning an area of 7,500km², the Neptun Deep Block is contained in water depths ranging from 100m to 1,000m. It is situated nearly 160km from the shore.