Energy Partnership: Uniper Secures Natural Gas Supplies from OMV Petrom from 2027
According to insider information, the German energy group Uniper has concluded a long-term supply agreement with the Romanian OMV subsidiary OMV Petrom. From 2027, Uniper will purchase natural gas from Romania, extracted from the Neptun Deep project in the Black Sea. The agreement covers the supply of 15 terawatt hours of natural gas over five years. This corresponds to around 1.5 percent of total German gas imports in 2024.
Neptune Deep in Romania's Black Sea is set to become one of the largest natural gas projects in the European Union. / Picture: © OMV Petrom - redaktionelle Verwendung honorarfrei
This partnership between Uniper and OMV Petrom is an important step in Germany's and the European Union's efforts to reduce dependence on Russian natural gas and secure energy supplies in the long term. As reported by Reuters, Europe's energy supply has been the focus of international politics since the start of the Russian war of aggression against Ukraine.
In addition, the cooperation between Uniper and OMV Petrom should also contribute to regional stability. By expanding the sources of supply within the EU, potential geopolitical risks, such as those that have arisen in the past, can be significantly reduced. Germany is on the way to realigning its energy partnerships and strategically broadening them.
The Neptun Deep project, which is located in the Romanian territorial waters of the Black Sea, is considered one of the most important natural gas reserves within the EU. Experts estimate that around 100 billion cubic meters of gas could be extracted there. Production is set to begin as early as 2027, which is expected to make Romania the largest natural gas producer in the EU. The project will also provide an economic boost within Romania. The creation of numerous jobs and the improvement of infrastructure in the region are just some of the positive effects that experts are forecasting.
Investments in the billions
The development of the Neptun Deep field is being carried out by OMV Petrom in cooperation with the state-owned Romanian energy group Romgaz. Both companies plan to invest a total of up to 4 billion euros in the project. This investment covers not only the exploration and development of the gas reserves but also the construction of the necessary infrastructure to transport the gas safely to Europe.
The planned investments are a significant contribution to Romania's economic development. In addition to the direct creation of jobs in the gas industry, the local economy will also benefit from the additional investments. The expansion of infrastructure, such as roads and port facilities, will strengthen the region in the long term. The project also has strategic advantages for the EU. By producing from its own territory, Europe can reduce its dependence on external energy suppliers and improve its security of supply. This is particularly important in light of the current geopolitical tensions.
Background: Uniper's separation from Gazprom
The supply agreement with OMV Petrom comes at a time when Uniper has terminated its long-term gas supply contracts with the Russian energy giant Gazprom. After Russia stopped supplying gas in mid-2022, Uniper sued Gazprom for damages and won its case before an international arbitration tribunal. The court awarded Uniper damages of more than 13 billion euros.
This decision was a turning point for the German energy supplier, which had relied heavily on Russian gas in recent years. The agreement now reached with OMV Petrom underlines Uniper's new strategy of broadening its base and relying more heavily on gas supplies from European sources in the future.
By turning away from Russian gas and towards new sources of supply, Uniper is repositioning itself. This affects not only the Group's strategic orientation but also its investments in sustainable energy projects. Uniper plans to invest more in renewable energies and innovative technologies in the coming years in order to further strengthen its market position.
Impact on the German energy market
The planned deliveries from Romania should stabilize the German energy market and help to reduce price volatility. As energy markets react strongly to geopolitical developments, the diversification of gas supply sources also offers economic advantages. Analysts believe that long-term contracts such as the one between Uniper and OMV Petrom could help to keep energy prices at a moderate level.
In addition, the agreement could serve as a model for other European energy suppliers. Many companies are currently looking for ways to reduce their dependence on fossil fuels from geopolitically unstable regions. Cooperation within the EU is therefore becoming increasingly important.
Consumers could also benefit from more stable prices. Although it is difficult to make precise forecasts, experience has shown that long-term contracts ensure less extreme price fluctuations. This could be particularly beneficial for energy-intensive industries that rely on predictable costs.
Political reactions
The agreement has met with a positive response in both Germany and Romania. While the German government welcomes the diversification of energy sources, Romanian government representatives see the cooperation as strengthening their own position as an important energy supplier within the EU. “Romania will thus become a central pillar of the European energy supply,” said a representative of the Romanian Ministry of Energy.
The partnership was also seen as a step in the right direction at the EU level. The Commission had already emphasized in the past that the member states must work more closely together in order to guarantee the Union's energy security. The Neptun Deep project is seen as a success in this context.
However, some critics warn against maintaining dependence on fossil fuels in the long term. They are calling for greater support for the expansion of renewable energies in addition to the diversification of gas sources. This is the only way for Europe to achieve its climate targets and completely reduce its dependence on fossil fuels.
The supply agreement between Uniper and OMV Petrom marks another milestone on the way to a more independent and secure energy supply for Europe. With the Neptun Deep project, the EU is tapping into one of its most important gas reserves and sending a clear signal for the future: European energy policy is on the way to establishing new and more sustainable sources of supply to minimize dependence on external suppliers.
At the same time, the challenge of driving forward the transition to a climate-neutral energy supply remains. Projects such as Neptun Deep can contribute to energy security in the short term, but in the long term, the focus must shift to renewable energies. Europe is therefore faced with the dual task of ensuring its energy security on the one hand and achieving its climate targets on the other.