OMV Group has made intense efforts in recent years to find alternatives to gas imports from Russia and, in this sense, the Neptun Deep project in Romania’s territorial waters is on the right track, the group’s CEO Alfred Stern told news agency APA on Tuesday.

„The goal is for us to start drilling in the first quarter of next year. The Transocean drilling rig is already on its way to the Black Sea and production should start by 2027,” said Stern.

According to the OMV head, there is an absolute need for natural gas as a bridge technology in the energy transition, and this is part of the Austrian group’s strategy.

„This is a really important project, not only for Romania, but for the EU as a whole. This is the largest gas development project in the EU-27 that can turn Romania gas independent and even into a gas exporter,” Alfred Stern underscored. He added that, unlike liquefied gas, the Neptun Deep project makes sense not only from the point of view of costs, but also as far as the environment and energy efficiency are concerned.

OMV Petrom is active along the entire value chain of natural gas, from production and processing to marketing and supply. The company is the second largest producer of natural gas in Romania, with a production of 3.3 billion cubic meters in 2023. Through its own production and supply contracts, the company has ensured about 40% of Romania’s natural gas consumption in 2023.

OMV Petrom owns 50% of the Neptun Deep project and is its operator. Neptun Deep is the largest natural gas resource in the EU, with an estimated production of around 100 billion cubic meters.

AGERPRES