“The Neptun Deep project is progressing, with the first gas delivery targeted for 2027. The first gas sales contracts, covering the 50% participating interest in the Neptun Deep project, are expected to be concluded starting with the fourth quarter of 2026,” the document reads. The prospectus is dated October 30 and was approved by the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg, with Romgaz announcing the approval on November 2.
The document does not specify who the buyers will be, the volumes, or the prices. Romgaz and OMV Petrom each hold a 50% stake in the Neptun Deep perimeter. “Each party to the joint operating agreement independently sells its share of production. Romgaz will manage the sale of gas related to Romgaz Black Sea Limited’s 50% participating interest,” according to the prospectus.
For the natural gas transport, Romgaz Black Sea Limited has signed a framework agreement with Transgaz, reserving capacity in the National Transmission System for the September 2026 – September 2042 period.
At plateau, the project’s gross production will near 8 billion cubic meters per year for almost ten years, and Romgaz group’s reserves will increase by around 50 billion cubic meters. For 2026, the company estimates investments of RON3,986 million (EUR745 million) in Neptun Deep.
Romgaz shares have traded 1.2% lower Tuesday at noon, taking the company’s market capitalization to RON72.1 billion (EUR13.5 billion).