The developers of Romania’s Neptun Deep offshore project have announced that drilling is set to begin in the Black Sea, a key step toward unlocking one of the European Union’s largest natural gas deposits by 2027. This project could play a crucial role in reducing reliance on Russian gas.
Neptun Deep is jointly owned by oil and gas company OMV Petrom and Romania’s state-owned Romgaz. The field holds an estimated 100 billion cubic meters of recoverable gas. OMV Petrom, a majority-owned subsidiary of Austria’s OMV, is the largest stakeholder in the project.
According to Romania’s energy ministry, Neptun Deep is expected to double the country’s natural gas production, transforming it into a net exporter as the EU continues its shift away from Russian energy supplies.
The project is also set to diversify gas supplies for Central and Eastern Europe. However, it remains uncertain how much of the new output can be exported, as Romania’s domestic consumption is projected to rise while onshore reserves are in decline.
Currently, Romania produces just over 9 billion cubic meters of gas annually, with domestic consumption slightly below 10 billion. By 2030, new gas-fired power plants with a combined capacity of 3.5 gigawatts are expected to come online, replacing coal-fired generation.
Sorin Elisei, a director in the Ministry of Energy Strategy, stated that annual gas consumption is projected to increase by an average of 25% between 2025 and 2030.
“On the contrary, we estimate an increase of at least 75% in domestic production by 2027. This means there will be volumes available for export, supporting Romania’s strategic goal of becoming a regional energy security supplier,” he said.
Eugenia Gușilov, an energy analyst at the Romania Energy Center, noted that the local market may struggle to absorb the additional gas. She estimated that the surplus available for export could reach “four billion cubic meters, if not more.”
While the volumes may seem small, every billion cubic meters contributes to strengthening energy diversification efforts in the region.