The Neptun Deep project in the Black Sea is unique in the world and highly beneficial for the countries in the region as well as for Europe as a whole. The natural gas to be extracted by OMV Petrom and Romgaz considerably increases security of supply, comes at a lower cost because of its proximity and has the best sustainability profile in terms of associated CO2 emissions.

Franck Neel, Member of the Executive Board responsible for Gas and Energy at OMV Petrom, made a strong plea for the Neptun Deep project in the Black Sea on the occasion of the “Gas Forum: from monopoly to free market”, recently organised by the Ministry of Energy of the Republic of Moldova.

Black Sea gas is the most sustainable gas in the world, with a CO2 content per barrel of oil equivalent of 4 kg CO2/boe, a level unique in the world, said Franck Neel. This level “is half that of North Sea gas, which is used in Europe”. From this perspective, he urged a sensible approach including by environmental organisations. If there is one source of natural gas that should be promoted for continued European use, it is natural gas from the Black Sea. Neither Norwegian, American nor Russian gas compares to the gas that will be extracted from the Black Sea in terms of low carbon impact.

In this context, Franck Neel stressed that the European Union must avoid directives or regulations for the energy transition that would mean applying punitive regimes to local gas production. “These would make us less competitive with other players because we would be forced to pay taxes or other contributions that they are not obliged to cover. We are not afraid of competition, but give us fair rules so we can compete in the market,” explained Franck Neel.

Romania’s tax regime is functional as far as the offshore sector is concerned, he added, and the proof is that investors are present and working in the Black Sea. This is not at all the case in the onshore sector, where rules discourage investment.