Romgaz CEO Razvan Popescu said the Neptun Deep project has seen “spectacular progress,” highlighting its unusually fast development timeline for a major offshore venture.

“Neptun Deep, as an offshore project, has had a spectacular evolution. Offshore projects of this magnitude typically require up to 15 years before gas extraction begins. The Final Investment Decision was taken in 2023. Four years from FID to actual gas production is extremely fast, and this shows that both Romgaz and its partner in this project have moved extraordinarily well,” Popescu explained.

He noted that oil and gas investments in Europe have been “almost non-existent” in recent years, contributing to the European Union’s heavy reliance on imports.

“The EU’s dependency on oil and gas imports is around 85%. When prices in Europe are five times higher than in other regions, it becomes practically impossible to talk about competitiveness,” he added.

According to Popescu, the EU consumes roughly 350 billion cubic meters of gas annually, while Neptun Deep is expected to produce about 8 billion cubic meters per year.

“This is an extraordinarily important project for Romania and will provide access for both industry and household consumers to the gas extracted from Neptun Deep. But we must be aware that the gas will be traded at regional prices, and now these prices are exorbitantly high,” he said.

Popescu also pointed to rising energy costs compared to pre-conflict levels in the Middle East.

“Gas prices are three times higher compared to the level before the start of the conflict in the Middle East. The discussion about competitiveness is currently pointless,” he stated.

While discussions are ongoing at the European level, concrete measures are still lacking, he warned.

“At this moment, there are only discussions, but no measures have been taken to increase competitiveness at the European level. We will not be able to have competitive gas or oil prices in the EU if we rely on imports. Changing this paradigm takes time—you cannot shift the direction of an entire industry in such a short period,” Popescu said.

He emphasized the importance of domestic production and continued investment in the sector.

“Without domestic production and without investment in gas production, it is impossible to have a long-term vision or to truly improve the competitiveness of products that rely on natural gas,” he concluded.