An agreement between Austria’s OMV and Germany’s Uniper has highlighted Romania’s growing importance as a gas supplier. The deal secures 15 terawatt-hours of natural gas from Romania’s Black Sea project, specifically the Neptun Deep project, for the next five years. The project, located in Romania’s economic zone and situated at depths ranging from 100 to 1,700 meters, promises to boost the country’s gas production significantly.
The deal comes at a critical time. Following Russia’s halt of gas supplies through Ukraine last month and a broader reduction in EU energy imports from Moscow due to its invasion of Ukraine, Romania’s gas reserves are seen as a valuable alternative.
The agreement represents approximately 1.5% of Germany’s gas imports in 2024 and marks the first contract to support the long-awaited Neptun Deep project, which has been in development for over a decade. The gas field, located off Romania’s Black Sea coast, holds an estimated 100 billion cubic meters (bcm) of natural gas, positioning it as one of the EU’s largest natural gas reserves. Production is expected to begin in 2027.
Once operational, Neptun Deep will make Romania the EU’s largest gas producer and the first net gas exporter in the country’s history. Romania’s total offshore gas reserves are estimated to be around 200 bcm, further solidifying its role in diversifying energy supplies across the region.
George Scutaru, director of the New Strategy Center, a Romanian think tank, estimates that Neptun Deep will produce between seven and eight bcm of gas annually. The project could generate more than $25 billion in revenues, equivalent to over three years of Romania’s current defense spending.
Romania already meets about 80% of its gas needs from domestic sources, as noted by Arnold C. Dupuy in the Atlantic Council. With the addition of Neptun Deep and existing production, Romania expects to cover its annual consumption of approximately 12 bcm. The surplus could be exported to neighboring countries, replacing Russian gas imports. Romania has already begun efforts to supply Moldova with gas, reducing the country’s dependence on Russian energy.
In the broader context, Romania’s Black Sea reserves could help lessen the reliance of Eastern European countries on Russia’s TurkStream pipeline, which currently delivers gas to nations like Moldova (2.9 bcm), Bulgaria (3 bcm), and Serbia (2.4 bcm).
However, Dupuy warns of potential risks. Russia is likely to oppose Romania’s offshore gas development, especially since Romania’s exclusive economic zone (EEZ) now borders Russia’s EEZ following the annexation of Crimea in 2014. Whether NATO protections would apply to Romania’s offshore gas facilities remains uncertain, raising concerns about potential Russian interference.
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