OMV Petrom (BVB: SNP) and Romgaz (BVB: SNG) have commenced infrastructure investments worth EUR 750 million for the Neptun Deep offshore natural gas project in the Black Sea, following the issuance of an establishment authorisation by Romania’s National Energy Regulatory Authority (ANRE), the regulator announced on July 21.
The total value of the authorised works amounts to RON 3.77 billion (EUR 750 million), excluding VAT, Ziarul Financiar reported.
The investment will cover critical infrastructure required to support offshore gas production, including transmission pipelines from offshore to onshore, beach underpasses, seawalls, roads and railways, the Tuzla Regulation and Measurement Station (SRM Tuzla), and other associated facilities such as control centres, platforms, lighting, and fencing.
Neptun Deep is operated as a 50:50 joint venture between OMV Petrom and state-owned Romgaz. It is Romania’s largest natural gas development project and a key component of the country’s efforts to boost domestic production and reduce dependence on energy imports.
“The granting of this establishment authorisation represents another important step towards the efficient exploitation of Romania’s strategic resources in the Black Sea,” said George Niculescu, President of ANRE. “Neptun Deep is not only an energy project, but also a starting point for Romania’s ambitious plan to become an exporter of energy security in the region.”
Neptun Deep is expected to start production in 2027 and is projected to yield up to 100 billion cubic metres of natural gas over its lifetime. The development is seen as central to Romania’s ambition to become a net gas exporter and a key energy hub in Central and South-Eastern Europe.
The newly approved infrastructure works follow the final investment decision made by the project partners in 2023 and reflect the ongoing commitment to meeting the project’s timeline and operational targets.
iulian@romania-insider.com
(Photo source: Facebook/OMV Petrom)
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