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OMV Petrom and ExxonMobil conducting the largest 3D seismic program in the Black Sea

  • Data being collected on 6,000 square kilometres in deepwater sector of Neptun Block
  • OMV Petrom is operator of seismic program in the Romanian sector of the Black Sea

OMV Petrom and ExxonMobil Exploration and Production Romania Limited, an affiliate of Exxon Mobil Corporation, together have started the largest 3D seismic study in the Black Sea. The study covers approximately 6,000 square kilometers in the deepwater area of the Neptun block in the Romanian sector of the Black Sea.

The six-month seismic acquisition program is being performed aboard the CGG Veritas Symphony. The 120-meter long Symphony utilizes state-of-the-art seismic equipment and is deploying 12 streamers 6 kilometers long to collect the detailed 3D seismic data. OMV Petrom is the operator of the seismic program.

ExxonMobil and OMV Petrom will use data collected from this seismic program and an earlier seismic program in 2009-2010 to further assess the commercial and technical feasibility of the Domino gas discovery announced earlier this year. The data also will be used to determine targets for future exploration drilling. ExxonMobil is the operator of the deepwater sector of the Neptun Block.

Background information:

Neptun Block (Deep Water Sector)
The Neptun Block deepwater sector covers an area of approximately 9,900 square kilometers in water depths ranging from 50 to 1,700 meters. ExxonMobil Exploration and Production Romania Limited and OMV Petrom signed an agreement in November 2008 for ExxonMobil to acquire a 50 percent interest in the deepwater portion of the Neptun Block. In January 2012, ExxonMobil and OMV Petrom announced the Domino-1 exploration well encountered natural gas in the deepwater sector of the Neptun Block. The Domino-1 well is located 170 kilometers offshore in water about 1,000 meters deep.

Exxon Mobil Corporation
ExxonMobil, the largest publicly-traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products and its chemical company is one of the largest in the world. ExxonMobil affiliates or predecessor companies have been operating in Romania since 1903.

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Petrom Group 
Petrom is the largest oil and gas group in Southeastern Europe, with activities in the business segments of Exploration and Production, Gas and Power as well as Refining and Marketing. The Group consolidated its position on the oil market in Southeastern Europe following a far-reaching modernization and efficiency increase process whereas investments accounted for more than EUR 7.7 bn during the last seven years.

In Romania and Kazakhstan, the Group exploits proved oil and gas reserves of approximately 812 mn boe (thereof 786 mn boe in Romania) and has a maximum annual refining capacity of 4.2 mn t. OMV Petrom is present in the distribution market for oil products in Romania, Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. In Romania, this activity is performed through OMV Petrom Marketing, 100% owned by OMV Petrom.

For its sustainable development, Petrom has expanded the gas value chain into power. In this context, OMV Petrom started commercial operations at the 860 MW gas fired power plant at Brazi and at the Dorobantu 45 MW wind park.

In 2011, the Group’s turnover was EUR 5,336 mn, EBIT was EUR 1,165 mn.

OMV, one of Austria’s largest listed industrial companies holds a 51.01% share in OMV Petrom. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. In Gas and Power, OMV sold approximately 272 TWh of gas in 2011. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and as of the end of 2011 approximately 4,500 filling stations in 13 countries including Turkey.

The Ministry of Economy holds 20.64% of Petrom shares, the Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 1.62% and 6.62% is free float on the Bucharest Stock Exchange.