Updated May 4, 2026 – Construction has officially started on the offshore pipeline for Romania’s Neptun Deep gas project, marking a major milestone for what is widely regarded as the country’s most significant energy development in over two decades. The start of pipeline installation confirms the project has entered a new execution phase, with first gas still targeted for 2027.
Neptun Deep is located in Romania’s sector of the Black Sea. It is being developed as a joint venture between OMV Petrom and state-owned Romgaz. With an estimated 100 billion cubic metres (bcm) of recoverable gas, the field is one of the European Union’s most important indigenous gas resources at a time when the bloc continues reducing dependence on Russian imports.
According to project partners, two vessels owned by Italian contractor Saipem have begun laying approximately 160 km of offshore pipeline connecting deepwater wells to onshore infrastructure at Tuzla, Romania. Pipeline installation is expected to take around two months, while construction of the onshore gas metering station is already underway and expected to be finalized by summer 2026.
The broader Neptun Deep Offshore Gas Project development includes:
- 10 production wells
- 3 subsea production systems
- 1 offshore gas platform
- offshore pipeline and onshore processing infrastructure
Project stakeholders indicated that around 50 vessels will participate in offshore construction campaigns this year, underscoring the scale and technical complexity of the development. Parts of the offshore production platform are currently being fabricated in Indonesia and Italy, with delivery to the Black Sea expected later in 2026.
Neptun Deep Offshore Gas Project and the European Union’s Energy Security
Neptun Deep is an important project not only for Romania but also for wider European energy security. Once operational, the project is expected to produce around 8 bcm of natural gas annually, effectively doubling Romania’s gas production and potentially transforming the country into a net gas exporter. Planned export destinations include Germany and Moldova, with additional interest reportedly coming from Slovakia and other regional markets.
The project also strengthens Romania’s position as a future regional gas hub in Southeast Europe, complementing existing interconnection infrastructure and diversifying supply sources within the EU. Romania is also advancing the development of renewables with projects such as Pecineaga Wind Farm and Eurowind’s 1.2 GW onshore wind complex in Botosani County.
How Much Does Neptun Deep Offshore Gas Project Cost
Neptun Deep has an estimated investment value of approximately €4 billion, making it one of the largest energy investments currently under development in Central and Eastern Europe. The project gained momentum after years of delays tied to fiscal uncertainty, offshore taxation disputes, and regulatory changes.
Neptun Deep Offshore Gas Project Fact Sheet
Location: Romanian Black Sea, offshore Romania
Investment Value: €4 billion
Estimated Reserves: 100 bcm recoverable gas
Pipeline Length: 160 km
Annual Production: 8 bcm
Production Start: 2027
Pipeline Installation Start: May 2026
Project Team
Developers/Operators
- OMV Petrom
- Romgaz
Pipeline Installation Contractor
- Saipem
Key Installation Vessels
- Castoro 10
- Castorone
Project Outlook
The start of pipeline installation is among the clearest signals yet that Neptun Deep remains on schedule. This is despite prior delays and growing geopolitical sensitivities in the Black Sea.
With offshore drilling, subsea installation, and platform fabrication all progressing in parallel, 2026 is shaping up to be the project’s most intensive construction year. If delivery timelines hold, Romania could emerge as one of Europe’s most strategically important non-Russian gas suppliers from 2027 onward.
Project Risks
The development of Neptun Deep Offshore Gas Project is also not short of risks despite the recent 2026 update. Key risks remain around offshore security in the Black Sea. Supply chain coordination for internationally fabricated infrastructure and continued scrutiny from environmental groups challenging fossil fuel developments in Europe are also part of the risk. Regional security dynamics linked to the war in Ukraine also remain an operational consideration for offshore logistics and asset protection.
The Largest Natural Gas Project in the Romanian Black Sea
Reported April 25, 2024 – The Neptun Deep, a deep-water offshore gas field development project located in the Romanian deep-water sector of the Black Sea, is the largest natural gas project in the Romanian Black Sea.
The project is developed by OMV Petrom and Societatea Națională de Gaze Naturale Romgaz SA Mediaș or simply Romgaz. OMV Petrom is a Romanian integrated oil company controlled by Austria’s OMV and one of the largest corporations in Romania. OMV Petrom is also the largest oil and gas producer in Southeast Europe. Romgaz on the other hand is the largest natural gas producer in Romania and one of the largest producers in Eastern Europe.
The project involves the development of two fields, the Domino and Pelican South commercial natural gas fields. The Domino field is located at a water depth of approximately 1,000 meters. The shallower Pelican South is located at a depth 120 meters.
The associated infrastructure also includes a total of ten wells, three subsea production systems, and associated flow lines. It will also include an offshore platform, the main natural gas pipeline to Tuzla, and a natural gas measurement station.
Domino field will have the most wells, six, which will be tied to two subsea production systems. The rest, four wells, will be developed at the Pelican South field. They will also be tied to one subsea production system.
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Timeline for Neptun Deep-Water Offshore Gas Field Project
OMV Petrom and ExxonMobil formed a joint venture (JV) in 2008 for the exploration or rather development of the Neptun Block. Since the formation of the JV, two 3D acquisition campaigns, two exploration drilling campaigns and two exploration drilling programmes were carried out in the block at a cost of more than €1.5bn.
The first natural gas was discovered back in 2012 by the first deepwater well, Domino-1, during the first drilling campaign. During the second drilling campaign that took place in 2014-2015, seven wells were drilled. This is includes Pelican South-1 which led to the discovery of the Pelican South field.
In 2019, ExxonMobil announced its plan to exit the Neptun Deep project. The company then signed an agreement to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to Romgaz in May 2022 for more than US$ 1bn.
As it stands, OMV Petrom and Romgaz each hold a 50% interest in the project. However, OMV Petrom became the operator of the Neptun deep offshore project in August 2022. In December 2022, the JV submitted the declaration of a commercial discovery of the Domino and Pelican Sourth reservoir to the Romanian National Agency for Mineral Resources.
Neptun Deep Offshore Gas Project Takes FID
Final investment decision (FID) to develop the Domino and Pelican South natural gas fields in the Neptun Deep project was take in June 2023. In August 2023, the Development Plan for the Domino and Pelican South fields was also endorsed by Romania’s National Agency for Mineral Resources.
In April 2024, OMV Petrom appointed global energy and marine consultancy ABL Group to provide Marine Warranty Survey (MWS) services.
Additionally, drilling activities are expected to begin in 2024 and the first gas is expected to be achieved in 2027.
Once operational, the Neptun Deep, will produce around 8 billion cubic metres (bcm) of natural gas annually. This will plateau 140,000 boe/d for nearly ten years.
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