Bucharest: Drilling operations have commenced at Romania’s Neptun Deep offshore gas project in the Black Sea, its operators confirmed on Tuesday. The project, one of the European Union’s largest natural gas reserves, is on track to begin production by 2027, a milestone that could bolster regional energy independence from Russian gas.
Neptun Deep is jointly owned by OMV Petrom and Romania’s state-run Romgaz, with OMV Petrom being majority-controlled by Austria’s OMV. The field holds an estimated 100 billion cubic meters of recoverable gas, a resource expected to significantly impact Romania’s energy landscape.
Once operational, Neptun Deep is projected to double Romania’s natural gas production and potentially position the country as a net exporter, according to the energy ministry. This development comes at a critical time as the European Union continues its efforts to diversify energy sources and reduce reliance on Russian gas.
Despite its potential to enhance energy security in Central and Eastern Europe, it remains uncertain how much of Neptun Deep’s gas output will be available for export. Romania’s domestic consumption is expected to rise while onshore reserves decline. Currently, the country produces just over 9 billion cubic meters of gas annually, slightly below its consumption of nearly 10 billion cubic meters. However, demand is expected to increase with the addition of 3.5 gigawatts of gas-fired power plants by 2030 as part of Romania’s coal phase-out strategy.
According to Sorin Elisei, a general director at Romania’s energy ministry overseeing energy strategy, annual gas consumption is projected to rise by 25% between 2025 and 2030 compared to 2023 levels.
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“On the other hand, we estimate a rise of at least 75% in domestic production from 2027, meaning there will be quantities available for exports, meeting a strategic objective of Romania becoming a provider of energy security in the region,” Elisei stated.
Energy analyst Eugenia Gusilov of the Romania Energy Center noted that while Romania’s local market cannot absorb the entirety of the projected output, a significant portion could be allocated for export.
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“The potential export surplus could be at least four billion cubic meters, if not five. These are not big volumes, but any billion cubic meter of gas matters to efforts to diversify supply in this part of Europe,” Gusilov explained.
With drilling now underway, Neptun Deep stands as a pivotal energy project with implications extending beyond Romania’s borders, potentially reinforcing the European Union’s energy security landscape.
