Deepwater Black Sea: a new contender in the global gas landscape

The Black Sea is home to some of Europe’s largest new gas developments and set to be a key player in the continent’s future energy security. Giant deep and ultra-deepwater gas discoveries are transforming the Black Sea into a regional gas hub and, despite the Russia-Ukraine conflict, high-profile exploration and development is continuing. 

Wood Mackenzie recently looked at deepwater gas developments in the Black Sea, comparing the region with other major global gas basins and examining its strategic importance to European energy security.  

Fill in the form to receive a complimentary extract from our report and read on for a brief introduction. 

What’s so important about the Black Sea? 

Ultra-deepwater gas success in the Black Sea is redefining Europe’s energy outlook, reducing the region’s reliance on gas imports at a time of heightened political and geopolitical tension. The Black Sea contains four of the 10 largest gas fields to start-up in Europe over the next decade, marking a shift in European upstream investment from northwest to southeast.  

National and state-backed oil companies (NOC) dominate the Black Sea, controlling 94% of the deepwater acreage, with little scope for international participation so far. Shell and NewMed Energy have recently entered Bulgarian positions, but large block sizes and scarce farm-in opportunities limit entry points for international investors.  

Romania and Türkiye are driving a rapid increase in Black Sea gas production. Türkiye’s state-owned TPAO operates the 12 tcf ultra-deepwater Sakarya project - the largest ever discovery in the Black Sea. It completed its first phase in 2025, after achieving first gas in 2023, and is now building up to its next two phases. In Romania, the flagship Neptun Deep project is the largest new gas project to launch in Europe in the next decade. It is on track to start production in 2027 and will establish the country as a net exporter. 

Exploration has been quiet outside of Türkiye in recent years, but Bulgaria and Romania are set to return to deepwater exploration, targeting around 12 tcf in 2025-2027. 

How does the Black Sea compare globally? 

The Black Sea is one of the most ‘advantaged’ gas-focused basins globally. Low costs and emissions make its projects resilient and sustainable. Strong prospectivity and attractive fiscal terms give the region competitive investment fundamentals.  

The Black Sea is underexplored compared with similar global deepwater basins in the US, Guyana, the Eastern Mediterranean and Africa. Even so, the Black Sea has been one of the fastest-growing basins over the past five years and Sakarya has highlighted the region’s promise compared with deep marine peers, but more wells and more experience operators are needed to fully assess its resource potential. 

To find out more, fill in the form at the top of the page to receive a complimentary extract from our report.