The Black Sea region has become a high-risk zone for insurance premiums, with rates significantly higher than in the Red Sea. This is due to the proximity of the region to Russia’s sphere of influence and the potential for conflict or disruptions in the area. The study indicates that premiums in crisis regions like the Red Sea range from 0.5 to 0.7 percent of a ship’s value, but in the Black Sea, they can be as high as three percent. Lloyd’s of London has placed the Black Sea region on its high-risk list due to these concerns.
Despite security concerns, a project in the Black Sea is moving forward as a crucial step towards reducing dependence on Russian gas. Greenpeace science expert Stefan Stadler highlights that while there are risks associated with construction and exploration work in the region, such as earthquakes and external influences, there is no mention of sea mines or unexploded ordnance in any environmental impact assessments conducted so far.
In July and August 2023, Russia conducted a military exercise in the Bulgarian economic zone of the Black Sea, raising concerns about potential disruptions to construction and exploration work in the region. Greenpeace warns that during the building and construction phase of projects like Netpun Deep, multiple ships transport materials between the construction site and ports, making them vulnerable to sea mines or unexploded ordnance. The organization calls for a thorough analysis of risks before proceeding with such projects.
In response to escalating security concerns in the region, Romania, Bulgaria, and Turkey have established a task force for security in the Black Sea. The Romanian Ministry of Defense emphasizes that this regional initiative is critical for countering potential threats from drifting sea mines and other potential dangers from outside sources. OMV Petrom reassures that it is closely monitoring geopolitical developments and implementing necessary measures to ensure business continuity for its Neptun Deep project.
While some voices have raised concerns about environmental impact and security risks associated with Neptun Deep project among Romanian media outlets, stakeholders must address these challenges before proceeding with sustainable development of energy resources in
