Austrian OMV to supply Romanian gas to Germany

This strategic move is aimed at bolstering European energy security in the wake of reduced reliance on Russian gas imports. In December 2024, OMV terminated its long-standing natural gas supply contract with Russia’s Gazprom Export, which was originally set to run until 2040.
Thus, a five-year agreement to supply 1.4 bcm of natural gas per year from the Neptune Deep project offshore the Black Sea was signed after OMV stopped buying Russian natural gas.
The total volume of the contract is about 1.5% of Germany's natural gas imports in 2024 and will be the first agreement for the sale of natural gas from the Romanian offshore. Once the project is launched, Romania will become the largest natural gas producer in the EU.
OMV Petrom, which is majority owned by OMV and 20.7% by Romania, first announced its prospects for production on the Black Sea shelf in 2012, estimating reserves of 42-84 bcm of natural gas. The Neptune Deep project was approved in 2023.