Romanian oil and gas company OMV Petrom and American Exxon have found 84 billion cubic meters of gas in the Neptune perimeter in the Black Sea, but production could only start in ten years, following investments of billions of euros. Romania's existing reserves may cover consumption for the next ten years, according to data available.

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 at 170 km of coastline 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