Europe must increase its domestic production and gas exports

Having ended ties with Russia as a gas supplier, Europe needs to increase its domestic production and gas imports.

„We must do everything possible to work in and around Europe.”, said Alfred Stern, whose message was broadcast at an energy conference in Berlin. A favourable regulatory framework and taxation system will be needed.

Europe needs to increase its domestic production and gas exports – Alfred Stern, OMV

OMV Petrom is majority-owned by OMV. Romania holds a 20.7% stake in the shares. In 2012, it discovered 42-84 billion cubic meters of gas in the Black Sea. OMV Petrom and the state-owned producer Romgaz own the Neptun Deep project in equal proportions. The companies made the decision to invest in the Neptun Deep project in 2023.

The production from Neptun Deep will be about 8 billion cubic meters annually. This will be for about 10 years, doubling Romania’s gas production.

The two producers plan to sell the gas separately. According to a Romanian law, the government will have a right of pre-emption on the gas extracted from the project. Gas producers have said there is huge potential for further discoveries in Romania’s territorial waters in the Black Sea. Romania would have reserves of about 200 billion cubic meters. They can help diversify the offer in the region.