Petrom and Exxon Mobil plan to invest up to USD 10 bln offshore Romania

Newsroom 26/08/2011 | 15:43

Gas and oil producer Petrom in partnership with Exxon Mobil plan to invest between USD 3 and USD 10 billion, on the grounds that explorations in the offshore Neptun Block, at the Black Sea, are successful, according to Agerepres newswire.

“Find we crude in the Neptun block offshore Romania, we are to invest between USD 3 billion and USD 10 billion in the development of the oil industry and the oil production. We’ll start drilling late this year or early in 2012, and the work for an oil well takes between 30 or 135 days, while investments in drilling operations amount to USD 1 million a day. To find out whether the area’s soil is rich in oil or methane, we need to have several drills operational here”, said Ian Fischer, general manager at Exxon Mobil Romania.

Petrom and Exxon Mobil Exploration and Production Romania Ltd signed a concession contract in 2008, allowing Exxon Mobil to acquire a 50 percent stake in the Neptun block. Since then, the two companies have cooperated on a 3D seismic acquisition and an evaluation program of the Neptun block. (You can find out more about the Black Sea explorations here)