“The physical progress on the Neptun Deep project is slightly ahead of the schedule assumed at the beginning of the project. I expect the first half of 2027 to mark the actual extraction of the first molecule of gas from the Black Sea,” said the minister, adding that the total annual extraction at Neptun Deep will near eight billion cubic meters.
“This is a four-billion-euro investment project, 50% by Romgaz, which is 70% state-owned, and 50% by OMV Petrom. The total annual extraction will be approximately eight billion cubic meters. Through this project, Romania will become the largest natural gas producer in the European Union, which is extremely useful both for household consumers and for companies in our country, especially those that consume large amounts of natural gas, such as companies operating in the petrochemical and chemical fertilizer industries,” emphasized Bogdan Ivan.
On March 25, 2025, OMV Petrom and Romgaz announced the start of drilling for the development and exploitation of the Pelican South and Domino natural gas fields in the Neptun Deep perimeter, located 160 km offshore in the Black Sea. The two companies are jointly investing up to EUR4 billion in the development of the Neptun Deep project.
On August 1, 2022, Romgaz became the sole shareholder of Romgaz Black Sea Limited (established as ExxonMobil Exploration and Production Romania Limited), following the completion of the acquisition transaction and the transfer of all shares issued by ExxonMobil Exploration and Production Romania Limited, which holds 50% of the rights acquired and the obligations assumed under the Petroleum Agreement for the deepwater area of the offshore XIX Neptun perimeter in the Black Sea.