Romania's OMV Petrom and Romgaz confirm Neptun Deep first gas for H1 2027

Romanian companies OMV Petrom (BVB: SNP) and Romgaz (BVB: SNG) have confirmed that the Neptun Deep offshore gas project remains on schedule, with the first natural gas expected to enter Romania’s national transmission system in the first half of 2027 and plateau production of 8 bcm a year targeted for the third quarter.

The partners said work on the Black Sea project is progressing according to plan, following the offshore installation of the Neptun Alpha production platform and further development of the field.

“Narrowing the first gas window marks a major milestone for Neptun Deep and brings us closer to production,” Christina Verchere, chief executive officer of OMV Petrom, said.

The Final Investment Decision was taken in June 2023, with development costs estimated at €4bn and first gas initially targeted for 2027. The project has estimated recoverable resources of around 100 bcm, equivalent to approximately 700mn barrels of oil equivalent.

Neptun Deep is expected to reach plateau production of around 140,000 barrels of oil equivalent per day and maintain that level for almost 10 years. OMV Petrom and Romgaz each hold a 50% stake, with OMV Petrom acting as operator and Romgaz, through Romgaz Black Sea Limited, as non-operator.

The project made significant progress during 2026, including installation of the Neptun Alpha platform and offshore pipeline. Seven of the 10 development wells have also been completed, the companies said.

Work in the coming period will focus on drilling the remaining wells, installing and integrating subsea infrastructure, connecting offshore facilities to the transport pipeline and carrying out a comprehensive testing programme.

The partners will market their respective shares of the gas separately. At full production, Neptun Deep is expected to become a major source of domestic natural gas supply, with the 8 bcm annual plateau equivalent to a substantial share of Romania’s current gas consumption.