Razvan Popescu, Romgaz: “Neptun Deep project will bring significant long-term benefits for Romania”

“A historic moment for Romgaz was marked today at Victoria Palace. The Neptun Deep project enters a new phase, the decision to invest in the development of deposits in this perimeter is a historic one and will bring undeniable benefits to Romania’s energy security and independence,” Razvan Popescu, CEO of Romgaz, said.

“Romgaz through its subsidiary, ROMGAZ BLACK SEA LIMITED, submitted, together with the OMV Petrom project operator, for confirmation, to the National Agency for Mineral Resources, the Development Plans of the commercial deposits in the Neptun Deep block. Neptun Deep is a strategic project for Romania and for the region from the perspective of ensuring the necessary natural gas and the country’s energy transition.

Thus, starting with 2027 we will have a new source of natural gas, which has the potential to significantly increase the country’s hydrocarbon production, thus ensuring security of supply. We are proud to be part of an innovative project that will bring significant long-term benefits. This project is not only about Romgaz and OMV Petrom, but about the whole of Romania. Its success will have a significant impact on our economy.”

OMV Petrom, the largest integrated energy company in South-Eastern Europe, and Romgaz, the largest producer and main supplier of natural gas in Romania, approved the development plan for the Domino and Pelican South commercial natural gas fields in the Neptun Deep block. This will be submitted to the National Agency for Mineral Resources for endorsement. OMV Petrom is the operator, with each company having a 50% interest in the project.

OMV Petrom and Romgaz will invest up to EUR 4 bn for the development phase of the project, which will enable ~100 bcm of natural gas to be brought on stream.