Published by Global Banking & Finance Review®
Posted on March 16, 2026
3 min readLast updated: March 16, 2026
Ukraine’s state energy firm Naftogaz is in early-stage talks with Romania’s OMV Petrom to develop a substantial offshore Black Sea gas find, potentially bolstering Europe’s energy diversification away from Russia.
KYIV/BUCHAREST, March 16 (Reuters) - Ukraine's Naftogaz, which discovered "substantial" offshore gas reserves in the Black Sea before Russia's invasion, is in talks with Romania's OMV Petrom to form a partnership relating to the field, three industry sources told Reuters.
The sources did not indicate the amount of recoverable gas at the discovery, but one called it "one of the most promising gas fields in the Black Sea region", where Romania and Turkey are already developing deposits of their own.
Talks were at an early stage and development of the field would not start before the war ends, they said.
Still, the gas find could ultimately boost Europe's energy security as it cuts ties with Russia, while underlining the Black Sea's potential for further discoveries.
Naftogaz and OMV Petrom did not immediately respond to requests for comment.
One of the sources said seismic surveys had been partially carried out at the fields, which are near offshore Romanian perimeters, and 3D and 2D data were available.
The source said Ukraine was seeking business-to-business and government-to-government talks to attract Western deep-sea gas extraction technology.
Ukrainian President Volodymyr Zelenskiy said earlier this month, after meeting Romanian President Nicusor Dan in Bucharest, that the two countries aimed to pursue resource extraction projects on the Black Sea shelf together. He did not elaborate further.
Ukraine was almost entirely self-sufficient in gas before the war but was forced to sharply increase imports after Russian missile strikes damaged around half of its production facilities.
The Black Sea, crucial for shipments of grain, oil and oil products and home to offshore drilling projects, is shared by Bulgaria, Romania, Georgia, Turkey and Ukraine, as well as Russia via Crimea.
In the four years since the war started, NATO members Bulgaria, Romania and Turkey have intercepted mines floating in the Black Sea across energy and trade routes.
OMV Petrom, majority-controlled by Austria's OMV is exploring in the Han Asparuh block off the coast of Bulgaria.
In Romania, it is developing Neptun Deep in partnership with state-owned gas producer Romgaz, which will start producing in 2027, doubling the country's gas production and making it a net exporter.
(Reporting by Marek Strzelecki, Pavel Polityuk and Luiza Ilie; Editing by Bernadette Baum, Kirsten Donovan)
Naftogaz and OMV Petrom are discussing forming a partnership to develop a substantial offshore gas field in the Black Sea.
One industry source described it as one of the most promising gas fields in the Black Sea region.
Development is not expected to start until the war in Ukraine ends.
The gas discovery could help challenge Russia's energy hold over Europe by increasing regional gas production.
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