Petrom and Exxon back off from drilling in Crimeea

Newsroom 06/03/2014 | 16:47

Exxon Mobil halted the exploration project for natural gas in the Ukrainian area of the Black Sea, in which Petrom was also involved, on account of the difficult political situation in the country.

The announcement was made by the vicepresident of the American company in a meeting with Exxon’s analysts in new York. All work in the Skifska permiter, situated near the Crimeea Peninsula to the east, will be halted.

Exxon will keep the licence for the Skifska block, but “the project is currently on hold because of the circumstances”, Andrew Swiger, senior vicepresident for ExxonMobil announced. On the other hand, the company will continue its projects in Russia.

Initial estimated indicated that the gas reserves in the Skifska block would be in the 200-250 billion cubic meters range. The estimates also take into acount the gas reserves in the Neptun block on the Romanian side, which is located right next to the Skifska permiter.

Just as in Romania’s case, the natural gas reserves are seen in Ukraine as a method of reducing dependence on russian Gas. In Romania’s case though, imports of Russian gas are much lower: 10 percent of national consumption compared to 60′ percent in Ukraine’s case.

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