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Romania: ExxonMobil and OMV Petrom to extract 6 billion cubic meters of gas per year from the Black Sea

By Jerom Bolt
In 2020-2021, ExxonMobil and OMV Petrom will start operating 6 billion cubic meters of gas per year in the Black Sea Neptun block, Sorin Gal, general director of the National Agency for Mineral Resources (ANRM), said on Tuesday.
This quantity represents more than half of Romania's current gas production, which is about 10-11 billion cubic meters of gas per year.
The ANRM representative showed that the study for the evaluation of the resources and reserves in the Neptun bloc is about to be finalized and probably this year will be submitted for approval to the Mineral Resources Agency.
"They are very motivated and have had several meetings, including with the project manager who is the same as the Gulf of Mexico, so the Black Sea resembles the Gulf of Mexico as a depth and exploitation method. Probably somewhere in 2020-2021 they will begin to produce gas from the Black Sea and their potential is 6 billion cubic meters per year, "the ANRM director added.
OMV Petrom and 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 from 2008 to the present. The first estimates show that Neptune's perimeter could be between 42 and 84 billion cubic meters of gas.
Petrom SA already produces one billion cubic meters of gas per year from the Black Sea.
Another company, Black Sea Oil and Gas, which leased Midia and Pelican Black Sea perimeters, will start production in the middle of 2019.
"The company is already in the process of finalizing the project of the surface installation, and has made an association with the EBRD in order to have additional funding. Somewhere in the middle of 2019-2020 it will start to produce around one billion cubic meters per year" , Gal added.
A third important project in the Black Sea, where Romgaz is also involved, is the Trident perimeter, where there is a breakthrough, but which has so far not been declared commercial. Here the production could start at a one-two-year difference to the Neptune perimeter.
Romania will reach a gas production of 18-20 billion cubic meters by 2025 if it starts production in all of these Black Sea perimeters.
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