Romgaz (SNG) intends to issue bonds, in the first half of 2024, to finance the Neptun Deep gas extraction project from the Black Sea, according to the company’s CEO Răzvan Popescu.

Romgaz has estimated, for 2023, an investment program of 2.3 billion lei, of which 800 million are exclusively for the Neptun Deep project, and the rest are for maintaining current production, said Răzvan Popescu, quoted by Financialintelligence.

“For the coming years, until the Neptun Deep project is put into production, in 2026-2027, we will still rely on domestic onshore production. It is necessary to keep it within the limits assumed by the 2021-2023 strategy, not to decrease production by more than 2.5%,” said Popescu.

Romgaz made the investment decision when it acquired Exxon’s stake in the Neptun Deep project and is waiting for the investment decision of its partner, OMV Petrom, until July of this year, Romgaz CEO also said.

The two companies estimate, in total, investments of over 4 billion euros in Neptun Deep.