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Romgaz argues for speeding up production stage of Neptun Deep project


Romania‘s state-controlled gas company Romgaz, which is about to take over 50% of the offshore perimeter Neptun Deep from ExxonMobil, will seek ways to speed up the project, the company’s CFO Razvan Popescu told Bloomberg.

OMV Petrom the operator of the project, has the final word, and it expressed a more reserved position about the future plans in the context of the new Offshore Law that was promulgated by President Klaus Iohannis on Wednesday, according to Romania-Insider.

“Production at Neptun Deep should not start later than 2026. This is the initial estimate from Exxon’s plans, but there may be a way to speed up the process because given how much Europe needs gas,” said Razvan Popescu.

Popescu confirmed that to help the process, Romgaz plans to issue Eurobonds to finance the project.

The company is considering five- and seven-year bonds, with a first EUR 500 mln issue that could be launched in mid-2023, followed by a similar one a year later, according to the company’s CFO.