Drilling operations for the Neptun Deep offshore gas project operated by OMV Petrom in Romania's Black Sea, which holds one of the European Union's most significant natural gas reserves, are set to commence soon, according to Reuters.

"Once the vessel sets sail, drilling work can begin in a few days. It is a matter of weeks before this happens," said Cristian Hubati, a member of OMV Petrom's Board of Directors responsible for Exploration and Production.

The Transocean Barents platform, known as Mighty Barents, will travel 160 kilometers offshore to begin work on ten exploitation wells. 

The project, expected to double Romania's gas production and potentially position the country as a net exporter, comes as the EU moves away from Russian gas imports, Reuters reported.

Neptun Deep, jointly owned by OMV Petrom - whose majority shareholder is Austria's OMV - and state-owned Romgaz, is estimated to hold 100 billion cubic meters (bcm) of recoverable gas. 

The project, Romania's largest energy investment since the construction of the Cernavodă nuclear reactors in the 1990s, is scheduled to deliver its first gas in 2027. However, it has faced opposition from Romania's growing far-right, which argues that gas exports undermine national interests, and from environmental activists concerned about fiscal uncertainty as the government seeks to reduce the EU's largest budget deficit.

iulian@romania-insider.com

(Photo source: Inquam Photos / George Călin)