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05.04.2013 14:36OMV Petrom, ExxonMobil to Invest USD 1 bn in Black Sea Gas
Evaluation results of the Domino-1 well has enabled the joint operators to provide an initial pre-appraisal estimate of potential gas production from a future Domino development of approximately 630 million cubic feet per day
© OMV
The Romanian subsidiary of Austrian oil and gas company OMV AG (OMV.VI) and ExxonMobil Exploration and Production Romania Limited expect to invest up to $1 billion in the exploration program of a deep sector of the Black Sea offshore from Romania, OMV Petrom S.A. (SNP.RO) said Thursday, as reported by Dow Jones.
The expenditure in the exploration program comprises an ongoing 3D seismic survey, expected to be completed in the second quarter of 2013, and further exploration and appraisal drilling, expected to begin in late 2013 or early 2014, OMV Petrom said.
Evaluation results of the Domino-1 well has enabled the joint operators to provide an initial pre-appraisal estimate of potential gas production from a future Domino development of nearly 18 million cubic meters of gas per day.
However, further data is necessary to confirm the resource size and its commerciality before any decision is taken to proceed to a development phase, OMV Petrom said.
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