Neptun

Europe has spent almost five years desperately searching for gas that does not come from Russia. When the Commission finally succeeded at the beginning of the year and was able to approve the total import ban on Russian gasyou found yourself in another scenario but the same problem: now the uncomfortable partner is the United Stateswhich has become the largest supplier of LNG on the continent. The only real way to achieve gas sovereignty is to produce at home. And one of the answers may be 160 kilometers off the Romanian coast, in the deep waters of the Black Sea: the Neptun Deep deposit. The site. Neptun Deep It is on the Romanian continental shelf of the Black Sea, on an area of ​​7,500 km² and with depths ranging from 100 to 1000 meters. Proven and probable reserves are estimated around 100 bcm (billions of cubic meters). Context. The introduction glimpses a good part of the current situation: Russian supply has fallen from 45% to 19%, as report this roadmap from the European Commission less than a year ago, the end of transit of gas pipelines through Ukraine, the growing dependence on LNG from the US and the EU producing today 30% less than at the beginning of the decade. This drop in production has its reason in forced closure of the giant Groningen, the largest deposit in the EU. And in this pressing context comes confirmation that Romania is already the largest gas producer in the EU, as supports Eurostat. Why is it important. For Romania, whose annual gas consumption round The 10 – 11 bcm implies the real possibility of stopping imports and an important revitalization of the industry. But for Europe its relevance is strategic: A connection to the Black Sea gas corridor. The Western Balkans and Moldova have historically depended of Russian gas, in Neptun Deep they could find a direct substitute. More diversification in supply in the form of domestic sources. Although it is true that globally it is not differential, it is a sovereign gas made in the EU that does not transit through hostile countries. Advance for other European off shore. The future of the Romanian regulatory model can serve as a roadmap for other countries with off shore potential, such as Greece or Cyprus. A soap opera exploitation. The block was first explored in 2008 and in 2012 the first exploratory well, Domino-1, was drilled. ExxonMobil and OMV Petrom were originally involved, but after years of regulatory blockage and prosecutor, ExxonMobil advertisement its withdrawal in 2019. The project was left in limbo until the Romanian state company Romgaz bought ExxonMobil’s participation in 2022. It was the conflict between Russia and Ukraine that unblocked everything: Romania reformed its offshore law and from there, the partners decided to undertake the investment, committing 4,000 million euros. With the Neptun Alpha production platform scheduled to be installed in 2026 and wells in drilling since March 2025, first production is estimated for 2027 and is expected a peak production of between 8 and 10 bcm annually. Yes, but. We have already seen that Neptun Deep has appeared on the map when it is most needed in Europe, but its impact on the old continent is relative: By scale: its production of between 8 and 10 bcm annually represents 2.5% of European consumption (390 bcm, according to the International Energy Agency). In short, it will not change the dependency nor does it have the weight to alter prices. The conditions of the Black Sea have their own challenges, with the absence of oxygen in the deep layers, certain seismicity or the presence of hydrogen sulfide in some formations. Construction logistics will not be easy. By timing. Gas will arrive in 2027 at the earliest, when European demand has already been declining for years due to electrification. The utility window is narrow. On the other hand, it could discourage electrification in Romania and the Balkans. In Xataka | Europe has reached the end of winter with depleted gas reserves. A country has a model to save it: Spain In Xataka | Europe managed to become independent from Russian gas. Now you have another headache: how to become independent of US gas Cover | Romgaz Romania