ROMANIA AUSTRIA ENERGY BLACK SEA

Romanian PM Ciolacu announces Black Sea deep-water gas drill project 'Neptun Deep'

epa10705481 OMV Petrom CEO Christina Verchere delivers her speech after Romanian Prime Minister Marcel Ciolacu (not pictured) announced the Black Sea deep-water offshore gas drill project 'Neptun Deep', agreed between the energy companies OMV Petrom (Austria) and Romgaz (Romania), at the government headquarters in Bucharest, Romania, 22 June 2023. Neptun Deep is a deep-water offshore gas field development project located in the Romanian sector of the Black Sea, in water depths between 100 and 1,700 meters, the Neptun Deep block area being spread over 7,500 square kilometers, with an estimated gas resources of about 42-84 billion cubic meters (bcm), which is equivalent to three to six times the annual Romanian consumption. In 2027, the first quantities of gas are expected to be extracted from the Black Sea through the Neptun Deep project. On Wednesday, June 21, OMV Petrom and Romgaz approved the development plan for the Domino and Pelican Sud commercial natural gas fields in the Neptun Deep perimeter. OMV Petrom and Romgaz will invest up to 4 billion euros for the development phase of the project, each of the companies having a 50 percent stake, which will generate a production of about 100 billion cubic meters of natural gas. EPA/ROBERT GHEMENT

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