ExxonMobil Exploration and Production Romania plans to invest up to $1.23 billion over the next two years in drilling works at a Black Sea perimeter developed together with Romanian oil company OMV Petrom (SNP.RO), news agency Mediafax reported Thursday.

The local unit of U.S. giant ExxonMobil Corp. (XOM) has scheduled several auctions for November to contract oil drilling works and related services at the offshore block, according to data published on Romania's online public purchase platform www.e-licitatie.ro.

ExxonMobil and OMV Petrom have signed an agreement in 2008 to explore deepwater portions of the Neptun block, some 170 kilometers offshore Romania . Under the deal, Petrom operates the initial work program, while ExxonMobil helps fund the program and provide expertise in evaluating the deepwater seismic data. Drilling started at the end of 2011.

In February this year, the two companies reported a significant gas discovery at their joint Domino-1 deepwater well in the Neptun block.

Preliminary estimates for the accumulation range between 42 to 84 billion cubic meters of natural gas, which would exceed Romania 's annual consumption by three to six times.

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