Romanian president Traian Basescu will visit the ExxonMobil's Deepwater Champion - the ship drilling for oil and gas in the Neptune block of the Black Sea. Invited by ExxonMobil and Petrom, which have discovered 84 billion cubic meters of gas in the Black Sea, Basescu will step onboard on Monday ( March 5 ), after delaying the visit scheduled for the beginning of February.

The Romanian president previously asked about the ship's 'Star Trek' like technology, and the reply from Ian Fisher, GM of ExxonMobil's Exploration and Production subsidiary in Romania was prompt: “The drilling technology is advanced and can be compared to the science fiction series. Drilling is controlled by joysticks, and represents extraordinary progress compared to the technology 30 years ago,” said Fisher.

The Neptune block, where the companies are currently drilling, is part of the area recovered by Romania two years ago from Ukraine.

The recently discovered reserves in the Black Sea could be worth around USD 13.6 billion, at the USD 162 price per 1,000 cubic meters, which is the price recommended by the country’s Energy Regulatory Authority (ANRE). The value would be more than two times higher at current international prices.

The Domino-1 probe is located in the Neptune block in deep waters of approximately 1,000 meters. Drilling operations began in late 2011 and it is estimated that the total depth of the probe will be over 3,000 meters below sea level.

In November 2008, OMV Petrom and Exxon Mobil Exploration and Production Romania Limited signed an agreement in which Exxon Mobil acquired 50 percent of the Neptune block.

OMV Petrom is the largest company in Romania, with a turnover of EUR 5.3 billion and a profit of EUR 886 million last year.

editor@romania-insider.com