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.
MAIN FACTS:
-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 approximately 630
million cubic feet 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.