Romania is on track to become Europe’s leading producer of natural gas in the wake of reduced Russian supply. This is being driven not only by the upcoming exploitation of vast resources in the Black Sea, but also by a long-term strategy to maximise the potential of older, mature gas fields.
“Last year, Romania marked a premiere, it became the number one gas producer in the European Union. We surpassed the Netherlands; we were in second place, and now we’ve moved to first. We are number one, and you can imagine that by the end of next year, when we also have Neptun Deep, we will be by far the number one, and we must play this major trump card wisely,” said Energy Minister Sebastian Burduja in a recent interview.
This abundance of a globally coveted natural resource and the development of projects designed to access, process and distribute it bodes well for the Romanian economy at both micro- and macro- levels. Notably, this is being driven by the development of the Neptun Deep offshore project and strategic enhancements of its mature onshore fields. Although under threat of EU-litigation due to its consumer price cap on natural gas, this transformation nonetheless not only positions Romania as a key player in Europe’s energy landscape but also underscores the nation’s commitment to energy security and economic growth.
Neptun Deep: the offshore project that will transform Romania
One of the most transformative developments is the Neptun Deep project, located approximately 160 km off the Black Sea coast. This offshore natural gas field is a of €4 billion between Austrian oil and gas group OMV’s Romanian subsidiary OMV Petrom and Romanian state-owned Romgaz, each holding a 50% stake. Neptun Deep contains an estimated 100 billion cubic meters (bcm) of recoverable natural gas and is expected to produce around 8 bcm annually upon commencement in 2027. This is set to significantly reshape Romania’s energy sector, with enough to supply about 30 times the yearly consumption of 4.3 million Romanian homes. This output will help Romania to maintain its place at the top among natural gas producers in the European Union and allow it to export more gas than it imports for the first time in its history.
Drilling operations began in March 2025, marking a significant milestone in the project’s timeline. The €4 billion investment aims to double Romania’s gas output, transitioning the country from a net importer to a net exporter of natural gas.
Christina Verchere, CEO of OMV Petrom, emphasized the project’s significance: “The start of drilling is an important milestone for the progress of Neptun Deep – a project of strategic importance for Romania. By developing this project, Romania can secure its natural gas needs from domestic sources and become an important player in the European market.”
The Neptun Deep project holds substantial implications for European energy security. As the EU seeks to diversify its energy sources and reduce reliance on Russian gas, Romania’s increased production offers a viable alternative. The project’s capacity aligns with the objectives of the REPowerEU initiative, aiming to bolster energy independence and support the transition to cleaner energy sources. “By exploiting gas from the Black Sea, Romania contributes to Europe’s energy security and the competitiveness of European industry,” stated president of the ITRE Committee of the European Parliament, Cristian Bușoi. “I believe that both onshore and offshore potential is important to utilize, as this can help us replace imports from Russia more rapidly, but also for the overall reduction of imports from regions with low environmental standards, such as North Africa or the Middle East. The Black Sea and Romania can become providers of energy security and will contribute to Europe’s industrial competitiveness.”
Furthermore, the project’s significance is underscored by its potential to supply gas to other EU countries. Notably, OMV Petrom has signed a deal to supply Germany’s Uniper with natural gas from Neptun Deep starting in 2027, accounting for approximately 1.5% of Germany’s gas imports for 2024.
Integrating old and new
Neptun Deep, naturally, has been garnering significant attention, but Romania’s wider strategy also emphasises optimizing existing onshore resources. Expert Petroleum (XP Group), for example, a French oil and gas operator, specialises in enhancing production from mature fields and reducing their environmental footprint. Operating in Romania since 2005, the company has focused on investing and modernizing mature oil and gas fields, particularly in the western region near Timișoara and more recently in the Borj county as well after their acquisition of Petrofac operations in the country.
In 2012, Expert Petroleum (XP Group) secured a 15-year production enhancement services contract with OMV Petrom for 13 mature fields. Through investment in advanced technologies and operational efficiencies, the company has achieved a significant production increase and reduction in methane emissions, demonstrating not only technical expertise but also strong environmental leadership and operational reliability. This is reinforced by a real focus on technological solutions. “We continue to place great emphasis on technology and the customization of solutions to enhance production and field operations,” explains CEO David Martinon.
Meanwhile, another Romanian firm, Black Sea Oil & Gas (BSOG), a privately held company backed by Carlyle Group, has emerged as a significant offshore producer through its Midia Gas Development project, which began operations in 2022. BSOG’s efforts exemplify a newer generation of sustainable, independent operators focused on responsible extraction and technological efficiency in the Black Sea basin.
Strategic vision
Indeed, limiting environmental impact is a key consideration for Romanian authorities. From a climate perspective, the country faces a balancing act. While natural gas is cleaner than coal, it remains a fossil fuel. Critics argue that major gas infrastructure could lock the country into a carbon-intensive pathway unless accompanied by investments in renewables and green hydrogen. In response, the government has incorporated gas into its national climate strategy as a “transition fuel,” with plans to phase out coal by 2032 and develop solar and wind installations across the Dobrogea and Transylvania regions.
Expert Petroleum (XP Group)’s approach therefore also takes into account questions of durability and environmental concerns. “The creation of Expert Petroleum and our focus on environmental issues are not driven by global environmental trends or awareness,” explained Michel Louboutin, Co-Founder and COO, in an interview with European Business Review. “When we begin operations in a country, our goal is to make it a cleaner place. We do this by repairing leaks and cleaning up land that may have been contaminated by hydrocarbons. Our efforts are noticed by the local populations, who see significant improvements in their immediate environment. We closely monitor any leaks and repair them as soon as they are detected, which not only helps preserve the environment but also ensures the continued profitability of resource extraction.”
To encourage innovation and diversification, the government launched a green hydrogen pilot initiative in early 2025, partnering with the Technical University of Cluj. This project aims to test hydrogen blending in existing gas pipelines and could be scaled nationally depending on outcomes.
Meanwhile, Romania’s regulatory framework has evolved rapidly. The Offshore Wind Law, amended in 2022, clarified tax incentives, revenue-sharing rules, and environmental liability provisions. The law’s passage was pivotal in moving the Neptun Deep project forward after years of investor hesitation. Further reforms in 2024 streamlined licensing procedures and established an independent energy regulator for offshore projects.
With the right mix of policy, capital, and cooperation, Romania is poised to emerge as a regional energy hub—supplying not only its own population but also neighbouring states like Hungary, Bulgaria, Moldova, and even parts of Austria. The country’s existing infrastructure, including pipelines and underground storage, gives it a head start over other potential producers in Eastern Europe.
https://business-review.eu/energy/oil-gas/romania-the-new-el-dorado-for-european-gas-286009