Transocean’s Semi-Submersible Rig Sets Sail for Black Sea Gas Project

One of the semi-submersible rigs, owned by Switzerland-based offshore drilling contractor Transocean, is on the move to reach an offshore site where it will embark on a multi-well drilling campaign to unlock natural gas from a project in the Black Sea.

After securing a 540-day contract in December 2023 for the Transocean Barents rig, Transocean is gearing up for a drilling program off the coast of Romania with OMV Petrom. The rig arrived in Constanta in November 2024 to prepare for its upcoming drilling assignment.

The Transocean Barents rig is scheduled to begin drilling at the Neptun Deep project in April 2025. This project, developed by OMV Petrom and Romgaz, is set to tap into significant natural gas reserves in the Black Sea, with each company holding a 50% participating interest.

The operator of the rig announced, “A safe sail-away for Transocean Barents! The mobile drilling platform unit has left Constanța towards the Neptun Deep field, 160 km offshore of Tuzla, in the Romanian Black Sea. There, it will start drilling the 10 production wells for the Neptun Deep project, safely and on track!”

Project Overview and Progress

The final investment decision (FID) for the Neptun Deep project was made in June 2023, with a total project investment estimated to be up to €4 billion for the development phase. The project aims to achieve first gas production in 2027, with total production expected to reach around 100 billion cubic meters of natural gas.

OMV Petrom recently reported that the Neptun Deep project is progressing according to plan, with 90% of the budget already committed. Construction of the production platform advanced during the fourth quarter of 2024 at Saipem’s sites in Indonesia and Italy, as part of a €1.6 billion contract for offshore facilities.

Several companies have been contracted for various aspects of the project, including Halliburton for integrated drilling services, Corinth Pipeworks for pipeline manufacturing and supply, and Expro for additional project support.

Environmental Considerations

Situated around 160 kilometers from the shore, the Neptun Deep block in the Black Sea covers an area of 7,500 square kilometers. The project is expected to have a relatively low carbon footprint of around 2.2 kg CO2/boe, significantly below the industry average of 16.7 kg CO2/boe.

With the rig now en route to the drill site, preparations are underway for what promises to be a significant milestone in unlocking the natural gas potential of the Black Sea. Stay tuned for updates on the progress of the Neptun Deep project as Transocean and its partners work towards bringing this vital energy resource to market.