>>> The first estimates show that the Black Sea Neptune perimeter could be between 42 and 84 billion cubic meters of natural gas
By Emea Riga
OMV Petrom SA and the ExxonMobil Americans have successfully completed the second drilling campaign in the Black Sea Neptune perimeter, where the two companies have invested a total of 1.5 billion euros since 2008, announced a representative of OMV Petrom's Board of Directors responsible for Upstream.
"We have drilled seven wells in this perimeter, and most have encountered gas accumulations. We have sufficiently encouraging results to continue assessing commercial viability. The final investment decision is estimated in about two years, "said the representative of OMV Petrom SA. He showed that the project will continue with a new campaign starting in 2018 if it proves to be commercially viable.
'We are in the calendar with this project and we are proposing to continue with its execution in 2018 if commercial viability is to be proven. We do not yet know what solutions to address. We'll have to drill dozens of wells, build a pipeline, so it's about billions of euros or dollars. I know there is a lot of impatience around this project, but if you compare this project to highway projects, especially those crossing the mountains, you will see that we are making progress, "OMV Petrom added.
The first estimates show that Neptune's perimeter could be between 42 and 84 billion cubic meters of gas. For comparison, Romania's annual gas production is about 11 billion cubic meters.
Romania aims to complete the BRUA (Bulgaria - Romania - Hungary - Austria) pipeline by 2020, when it is estimated that the Black Sea gas extraction will start.
ExxonMobil and OMV Petrom accelerate the procedure for making an investment decision on the Black Sea gas project and the decision will be announced early next year, Energy Minister Toma Petcu said on Thursday in a discussion with journalists on the topic BRUA project.
'ExxonMobil and OMV Petrom accelerate the entire investment decision-making process that, as I understand, will be announced early next year. That is what I was told by Mariana Gheorghe (OMV Petrom - general manager). And we are calibrating and accelerating the BRUA Phase I pipeline, depending on how much they accelerate and they prepare their exploitation part, 'Petcu said.
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