OMV Petrom, majority-controlled by Austria's OMV, and Romania's state-owned Romgaz have formed a joint venture to develop the Neptun Deep Black Sea gas project. This project, one of the European Union's most material energy deposits, is estimated to hold 100 billion cubic meters of recoverable gas. Work has begun to lay 160 kilometers of pipeline from offshore wells to land, with production expected to start in 2027. The project aims to double Romania's gas production, potentially turning it into a net exporter and supplying gas to Germany, Moldova, and potentially Slovakia.