Exxon, OMV Wrap Up Black Sea Survey. Hire ‘Ocean Endeavor’ Rig (Romania)

ExxonMobil Exploration and Production Romania Limited (EMEPRL) and OMV Petrom confirmed today that they have successfully completed acquisition of a 3D seismic survey on the Neptun Deep Block, the largest 3 D survey ever recorded in the Black Sea, covering more than 6,000 square kilometres. The operator for the seismic survey offshore Romania was OMV Petrom.

In addition, the two companies have procured the Ocean Endeavor drilling rig to resume exploration drilling on the Neptun Deep Block offshore Romania at the end of 2013 or early 2014.

The Ocean Endeavor drilling rig, owned by Diamond Offshore Drilling Inc., is a semi-submersible designed to drill in water depths up to 2,400 meters and a total drilling depth up to 10,600 meters. EMEPRL is the operator of the drilling program for the deep water sector of Neptun Block.

Data collected during the seismic campaign and the exploration drilling program will be used to assess the size and commerciality of the Domino discovery, announced in 2012, and the potential of other prospects in the Neptun Deep Block.

EMPERL and OMV Petrom expect to invest up to 1 billion USD in the exploration program, which comprises the 3D survey now completed and further exploration and appraisal drilling.

Should further work confirm the technical and commercial feasibility of deep water gas production from the Neptun block, first production is estimated towards the end of the decade at the earliest.

“We remain very encouraged by the Domino discovery and continue to acquire the additional data needed to confirm the size of the resource and its potential commerciality,” said John Knapp, Managing Director EMEPRL. “The Neptun Deep Block is unique and technically challenging and future development will require very substantial investment over a long timeframe. Fiscal stability, long-term energy and regulatory policies and open, transparent access to markets will be important enablers in addition to a successful exploration program. We are committed to continuing our technical and exploration studies at the Neptun Deep Block, and we highly value the Romanian Government’s support of the project. We are proud to assist Romania in exploration and potential development of its offshore resources to the benefit of all involved parties.”

Johann Pleininger, member of OMV Petrom Executive Board, responsible for Exploration and Production: “We are happy to have carried out successfully the largest 3D seismic acquisition in Romania.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. Further investments during appraisal and development phases could reach several billion USD and such investments would have a major impact on the Romanian economy”.