Austria’s OMV announced on Wednesday that natural gas production from Romania’s Neptun Deep project in the Black Sea is expected to begin in 2027, with development proceeding on schedule.
Drilling for the first of ten wells started in March and is expected to take two to three months, the company said in its first-quarter results.
The Neptun Deep development will include ten wells—four in the Pelican South field and six in the Domino field. At full capacity, the project is expected to produce around 8 billion cubic meters of gas per year.
Neptun Deep is Romania’s largest natural gas development and the country’s first deepwater offshore gas project. According to OMV’s local unit, OMV Petrom, the output will be equivalent to 30 times the current annual consumption of about 4.3 million Romanian households.
“By developing this project, Romania can meet its gas needs from domestic sources and become a key supplier in Europe,” said OMV Petrom CEO Christina Verchere in March, when the first well was spud.
Once operational, Neptun Deep is expected to make Romania the largest natural gas producer in the European Union and a net exporter of gas for the first time.
Currently, Norway—though not an EU member—remains the top supplier of natural gas to Europe. In 2023, Norway accounted for 30% of Europe’s gas imports and nearly 9% of the continent’s total energy use, according to pipeline operator Gassco.
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