OMV Petrom and ExxonMobil E&P Romania are set to invest up to $1billion in exploration work for the Neptun block in the Black Sea after completing the largest 3D seismic survey in the area.
Petrom’s survey carried more than 6,000 square kilometres, with data from the scans and exploratory drilling to determine the size and commerciality of the Domino discovery and other potential prospects in the Neptun deep block.
“The Neptun Deep Block is unique and technically challenging and future development will require very substantial investment over a long timeframe,” said EMEPRL managing director John Knapp.
The two companies have procured the Ocean Endeavor semi-submersible rig to resume drilling in the block by early next year. If further gas operations in the Neptun block proved worthwhile, the first production is estimated towards the end of the decade at the earliest.
“The success of this project is of high importance for Petrom and Romania, both from the perspective of increased energy security, as well as from the perspective of economic development,” said Johann Pleininger, Petrom Executive Board member responsible for Exploration and Production.
“Further investments during appraisal and development phases could reach several billion USD and such investments would have a major impact on the Romanian economy”.