OMV said Wednesday that its 51%-owned OMV Petrom and Romgaz will jointly invest up to 4 billion euros ($4.37 billion) to develop an offshore natural-gas project in Romania.

The Austrian energy company said the companies approved a development plan for two gas fields, Domino and Pelican South, located in the Neptun Deep offshore block in the Black Sea. First production is expected for 2027, with an estimated recoverable volume of 100 billion cubic meters, OMV said.

The investment will take place mostly during the 2024-26 period, OMV said.

OMV Petrom will operate the project, which will be developed in a 50/50 partnership with Romanian gas supplier Romgaz, OMV said.