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OMV Petrom Greenlights Offshore Black Sea Gas Project Neptun Deep

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Romanian oil and gas group OMV Petrom, majority-controlled by Austria’s OMV said on Wednesday it has made the final investment decision to develop long-awaited Black Sea deep water gas project Neptun Deep.

The company, which will develop the project jointly with state-owned gas producer Romgaz, said it expected first gas by 2027. It said it estimated the project will cost 4 billion euros, to be split jointly between the two companies, with the spending seen mostly in 2024-2026.

Neptun Deep is currently expected to hold recoverable volumes at around 100 bcm of gas.

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