ExxonMobil, OMV Petrom start exploring in new area of Neptune perimeter in Black Sea

ExxonMobil Exploration and Production Romania Limited (EMEPRL) and OMV Petrom have started drilling with exploration derrick Pelican South-1 for a new prospect in the Neptune block, by oilrig Ocean Endeavour, according to a press release quoted by national news agency Agerpres.

2014-10-27 15:14:41

The new derrick Pelican South-1 is about 155 km from shore, in the Romanian sector of the Black Sea. Pelican South-1 will test a new geological structure in the Neptune block. Earlier this month, the oilrig Ocean Endeavour has completed the drilling by Domino-2 derrick, and the data obtained are under evaluation, the release also reads.

"The exploration for crude oil and natural gas in areas where there such activities were not conducted before is complex and highly detailed, often requiring years to be completed. An in-depth understanding of the geological structure is essential before making the necessary significant investments for the development of such a discovery," said ExxonMobil Exploration and Production Romania CEO John Knapp.

"The Black Sea area has a central role in our strategy and we allocate significant financial and technical resources to offshore projects. We are encouraged by the good results obtained so far, in small and deep waters. However, most of the activity in the deepwater Black Sea area is a pioneering work, involving high-risk investments, thus requiring a stable investment environment," said Gabriel Selischi, member on the OMV Petrom Board, in charge of Exploration and Production.
ExxonMobil Exploration and Production Romania and OMV Petrom each hold 50 pct of the Neptune deepwater block. ExxonMobil Exploration and Production Romania is the operator.

OMV, the largest listed industrial company in Austria, holds 51.01 pct in OMV Petrom. The Romanian state, through the Ministry of Economy, Department of Energy, owns 20.64 pct, Proprietatea Fund holds 18.99 pct, and 9.36 pct represents free float on the Bucharest Stock Exchange.