Exxon Mobil and OMV Pertrom have launched a new drilling campaign in the Romanian section of the Black Sea.
The exploration well is located about 155km offshore. OMV Petrom, Romania’s biggest oil company, is using the Ocean Endeavour Rig for the project. The move follows a previous drilling campaign carried out in the Neptun block.
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.
Petrom board member Gabriel Selischi 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.”
It’s hoped resources trapped in the Black Sea could unlock Romania’s energy independence. The country, which currently imports less than 20% of its natural gas from Russia, aims to become completely independent by 2020.
Next year, Romania will increase royalties leveraged from its oil and gas production from 3% to 13.5%.