OMV Petrom: Exploration expenditures in Black sea expected to be about $1 billion

4/4/2013

OMV Petrom: Exploration expenditures in Black sea expected to be about $1 billion

BY NICOLE LUNDEEN

VIENNA -- OMV and ExxonMobil E&P expect to invest up to $1 billion in the exploration program of a deep sector of the Black Sea offshore from Romania, OMV Petrom.

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 MMcfpd. 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.

Dow Jones Newswires

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