Romgaz will file a bid to take over the Exxon stake in the Black Sea natural gas project “Neptun Deep” in the upcoming two months until the incumbent interim GM’s term expires, Energy minister Virgil Popescu has announced on Thursday. The gas extraction might kick off in 2025.
“The main concern at present is the purchase of the 50% Exxon stake from the Neptun Deep project (…) I don’t know if anyone in Romania has the expertise for the deep-water drilling, but I say to give Romgaz a chance. I believe Romgaz has the capacity to manage this project“, the Energy minister said.
The minister added that the first gas deposits could be drilled here in 2025.
Asked what we’ll do with the gas, Popescu answered: “We have a 4-year break to conclude investments from the energy sector into new production capacities, distribution and transport network. We have the target to consume in Romania a gas quantity as much as possible from the Black Sea,” Popescu said.
He underlined that the gas surplus will be exported, but to accomplish this we have to increase the interconnection capacity with the neighbouring countries.
The Energy minister also announced that the ministry is currently working to amend the Offshore Law, with first talks scheduled inside the ruling coalition.
In 2019 it was reported that ExxonMobil, involved in the Neptun Deep offshore project in the Black Sea together with OMV Petrom, is looking for a new partner.
Last year, the Orban Cabinet issued a draft emergency ordinance amending the Oil Law saying that the Romanian authorities are entitled to deny, due to national security reasons, any drilling operations on oil and gas deposits in the Black Sea by legal entities controlled by non-EU countries.