The Neptun Deep Black Sea gas extraction project, currently Romania’s largest energy initiative, is advancing not only technically but also financially – in the past nine months alone, Romgaz has paid around €400 million toward its development. OMV Petrom, the project’s operator, disclosed the total value of invoices issued to Romgaz Black Sea Limited, its project partner. According to OMV Petrom’s statement to the Bucharest Stock Exchange:“Between December 5, 2024, and September 3, 2025, OMV Petrom SA concluded/executed transactions with an affiliated party exceeding, cumulatively, 5% of the company’s net assets, according to OMV Petrom SA’s individual financial statements as of June 30, 2025, as follows: transactions of OMV Petrom SA with Romgaz Black Sea Limited totaling 2,085,146,939 RON.” As project operator, OMV Petrom signs the contracts and pays the expenses for development, which are then split 50-50 with Romgaz. Based on this, it can be estimated that in the reporting period of nine months, both companies together have already spent €800 million on project development. Neptun Deep is being developed by OMV Petrom and Romgaz, each holding a 50% stake. The total required investment for the development phase is estimated at up to €4 billion. Total production is projected at approximately 100 billion cubic meters of natural gas, with first deliveries expected in 2027. Following the investment decision in June 2023, execution contracts were signed with major international companies: the Transocean Barents drilling rig was contracted for a minimum of one and a half years, with integrated drilling services provided by Halliburton Romania. The extraction platform is being built at a Saipem shipyard in Asia. The drilling platform has already begun operations, having been deployed offshore in February. Offshore drilling is expected to last up to one and a half years.
The third edition of Taifas Balkan Film and Culture Festival, set to take place in Timișoara between October 13 and October 19, will include a retrospective dedicated to Romanian director Radu Jude. The public will be able to see the director's short films, in addition to a preview of his latest production, Dracula, presented at […]
Sursa International Light Art Festival, an event featuring immersive installations, projections, and light structures, will take place at the National Library of Romania from October 13 to October 19. The event brings together international and Romanian artists “in a visual dialogue about technology, architecture and sensitivity,” the organizers announced. “We wanted to build the opportunity […]
Romania’s Defense Ministry has signed a contract worth RON 50.4 million with Rheinnmetall Automecanica, a subsidiary of the German defense industry giant Rheinmetall, for the delivery of drone detection systems, Economedia.ro reported. The radar system will be delivered within 18 months at most and will reportedly be...
The former Steaua Roșie cinema in Cluj-Napoca will reopen as Edison-House of Music, a cultural hub dedicated to music and community, the organizers of the Jazz in the Park festival announced. Built in the early 1900s, the Edison building became, after World War II, the Steaua Roșie cinema. After 1989, the venue underwent several changes […]
Unprecedented amounts of precipitation have been recorded in Romania as cyclone Barbara hit the country on October 5-8, according to the authorities. At the same time, Bucharest exceeded the absolute maximum levels of rain for October. “Between October 5–8, 2025, Romania was affected by the Mediterranean cyclone Barbara, which formed over the Ionian Sea and […]
Romania is one of six European countries recently selected to develop a new artificial intelligence and supercomputing center under the EuroHPC – AI Factories program. The project, known as the AI Factory, will be Romania’s first national AI infrastructure, marking a major step toward strengthening its digital and research capabilities. The initiative will be led […]
