Natural gas field, discovered in the Black Sea

A deposit of natural gas to 42-84 billion cubic meters, equivalent to 3-6 times the annual consumption of Romania was discovered by OMV Petrom and ExxonMobil Exploration and Production Romania in the Black Sea, it is said in a statement OMV Petrom.

The deposit was discovered following the well drilling Domino-1 by ExxonMobil, the first deep-sea operation off the Romanian coast, with a depth of over 3,000 meters.

Domino-1 is located in block Neptune to 170 kilometers offshore, in waters with a depth of approximately 930 meters.

"ExxonMobil Exploration and Production Romania Limited, affiliated corporation ExxonMobil and OMV Petrom SA, a subsidiary of OMV, confirms a potentially significant discovery off the coast of Romania.

"However, if future work will confirm the technical feasibility and commercial of natural gas production in great depths in the block Neptune , future investment in exploration and development phases could reach several billion dollars, and the first extraction could take place at the early to end the decade ",it is said in the statement.

ExxonMobil and OMV Petrom intend to continue its work this year, the results following the acquisition of seismic data to determine next steps.

Romanian gas market increased 3% last year to 14.2 billion cubic meters, according to data presented on Wednesday by OMV Petrom.

OMV shares, increasing

OMV shares rose strongly on the Vienna Stock Exchange, with approximately 5.8%, but increasing then slowed to 3.15%.

As well, at Bucharest Stock Exchange OMV Petrom shares rose 3.5%, just half an hour of the resumption of trading, while the company announced the discovery of the deposit in the Black Sea and the results recorded last year, indicating an increase in group net profit by 72%.

Petrom last year drew 5.23 billion cubic meters of natural gas,3% more than in 2010.

The other big gas producer in Romania, the state company Romgaz produces quantities close to those extracted by Petrom.

Domestic consumption is covered both Romgaz and Petrom production and by imports from Russia, from the Gazprom group.

President of National Agency for Mineral Resources( ANRM) , Alexandru Pătruţi, said in October that secure gas reserves of Romania are expected to cover consumption for the next 15 years, but could increase after the companies holding exploration concessions will begin work in the Black Sea.

Secure natural gas reserves amount to 109 billion cubic feet and potential reserves are 660 billion cubic meters.

Romania produces annually about 11 billion cubic meters, according to the National Agency for Mineral Resources(ANMR) ,Alexandru Pătruţi.

Translated by
Denisse-Meda Bucura
MTTLC, Bucharest University