ExxonMobil, OMV Petrom explore new prospect on Romania’s Neptun Block offshore

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ExxonMobil Exploration, global leader in operating complex offshore projects, and OMV Pertrom, Romania’s biggest oil company, have launched a new drilling campaign in the Romanian section of the Black Sea, the Pelican South-1 exploration well on a new prospect in the Neptun Block.
According to a press release, the exploration well is located about 155 km offshore. OMV Petrom is using the Ocean Endeavour Rig for the project. Earlier in October, the Ocean Endeavour rig completed drilling the Domino-2 well and data from the well are being evaluated.
Initial estimates for the site were tallied up to between 1.5 trillion and 3 trillion cubic feet (42 billion cubic meters to 84 billion cubic meters) of gas accumulation.
Gabriel Selischi, member of OMV Petrom Executive Board responsible for Exploration and Production, said: “We are encouraged by the good results so far, in shallow and deep waters. However, much of the activity in the Black Sea deepwater area is of a frontier, pioneering nature, involving high investment risks and therefore requiring a stable investment framework.”
“Exploration for oil and gas in frontier areas is complex and very detailed, often taking years to complete. A thorough understanding of the geology is essential prior to making the significant investments required to develop such a discovery”, said in his turn John Knapp, managing director of ExxonMobil’s affiliate in Romania.
It’s hoped resources trapped in the Black Sea could unlock Romania’s energy independence. Next year, Romania will increase royalties leveraged from its oil and gas production from 3 percent to 13.5 percent. ExxonMobil Exploration and Production Romania and OMV Petrom each hold 50 percent of the deepwater sector of the Neptun Block.
OMV Petrom and ExxonMobil E&P Romania are set to invest up to USD 1 billion in exploration work for the Neptun block in the Black Sea after completing the largest 3D seismic survey in the area.

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