OMV Petrom makes first gas evaluation in Black Sea

US-based ExxonMobil and OMV Petrom pledged to invest USD 1 billion in their exploration program off-shore Romania and announced that it could produce some 630 million cubic feet per day of gas from the Neptun Block, according to an initial estimate.

Mariana Gheorghe, CEO of OMV Petrom, said the gas discovery made by the Domino-1 exploration well is “very important for Romania”.

“The Neptun Deep block is unique and technically challenging, thus future development will require very substantial investment over a long time period. While we are enthusiastic about the program results and early development planning, we are very much looking forward to commencing the following drilling campaign planned by end of the year,” said Gheorghe.

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The company is set to complete a 3D seismic survey of the Neptun Deep block in the second quarter of this year and will invest another USD 1 billion along with ExxonMobil for additional exploratory drilling that may start by year end.

OMV Petrom said the offshore development will require several billions dollars in investments, with the first production expected at its earliest towards the end of the decade.

Ovidiu Posirca