Bucharest, December 10, 2025 – By extending the current exploration phase within the XIX Neptun perimeter, the deepwater area (“Neptun Deep”), SNGN Romgaz SA continues its firm commitment to invest in exploration activity in the Black Sea.
The Romanian Government approved on December 9, 2025, Addendum No. 7 to the Concession Agreement for oil exploration, development and exploitation in the XIX Neptun perimeter, and this fact demonstrates the support and backing of investment projects in Romania to ensure energy security and create a healthy investment environment for the economy and consumers.
The Neptun Deep perimeter is a key investment area for Romgaz in its capacity as co-owner (through Romgaz Black Sea Limited) with a 50% stake, the other 50% being held by OMV Petrom S.A which also has the capacity of operator.
While the development works of the Domino and Pelican Sud fields are progressing, exploration activities will be carried out to identify and evaluate the energy potential of the Black Sea, activities that also involve the drilling of an Anaconda-1 exploration well in the deepwater area immediately after the completion of the development drilling.
Exploration activity is one of the main objects of activity of Romgaz through which the company seeks to identify and evaluate the energy potential of the concession perimeters. Exploration activity is an important component of the company’s development strategy in both the offshore and onshore segments.
Răzvan Popescu, General Manager: “The Neptun Deep perimeter in the Black Sea represents an important investment area for our company and we are determined to successfully carry out development and exploration projects, which have a special significance in the share of the group’s investments. The exploration activity in Neptun Deep will register the business activities of the ROMGAZ group in the long term, will strengthen its investment capacities and will contribute to strengthening the profile of the ROMGAZ group on the energy market in Romania and the region.”
Aristotel Jude, Deputy General Manager: “The extension of the exploration phase in Neptun Deep is the successful result, in the national strategic interest, of negotiations between the Government of Romania, the National Regulatory Authority for Mining, Petroleum and Geological Storage of Carbon Dioxide and the Holders of the Neptun Deep Concession Agreement and I thank all parties involved for their support and constructive collaboration in the process of continuing the investment projects on the exploration component in the Black Sea – a key area for ensuring national and regional energy security. We continue ROMGAZ’s firm commitment to make investments in the energy sector in Romania, in line with the company’s development strategy and strategic objectives in the energy sector.”
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SNGN Romgaz SA is the largest producer and main supplier of natural gas in Romania. The company is admitted to trading on the Bucharest Stock Exchange (BVB). The main shareholder is the Romanian state with a 70% stake. The company has extensive experience in the field of natural gas exploration and production, its history beginning more than 100 years ago, in 1909. Romgaz conducts geological exploration to discover new gas deposits, produces methane gas by exploiting deposits in the company’s portfolio, stores natural gas underground, performs interventions, major repairs and special operations at wells and provides professional technological transport services. In 2013, Romgaz expanded its field of activity by assimilating the Iernut thermoelectric power plant, thus becoming a producer and supplier of electricity. On August 1, 2022, Romgaz became the sole shareholder of Romgaz Black Sea Limited (established as ExxonMobil Exploration and Production Romania Limited), following the completion of the acquisition transaction and the transfer of all shares issued by (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited, which holds 50% of the rights acquired and the obligations assumed under the Petroleum Agreement for the deepwater area of the XIX Neptun offshore perimeter in the Black Sea.
