Petrom and ExxonMobil start a new exploration campaign in the Black Sea

December 3, 2008

• Petrom and ExxonMobil have signed an agreement to explore Black Sea offshore in Romania
• Important step in exploring for hydrocarbons in the deep water

Petrom, the largest oil and gas producer in South Eastern Europe, and ExxonMobil Exploration and Production Romania Limited, an affiliate of Exxon Mobil Corporation, have signed an agreement to cooperate in exploring the hydrocarbon potential of the deepwater portion of the Neptun Block offshore Romania. The Neptun Block covers an area of approximately 9,900 square km in water depths ranging from 50 m-1,700 m.

Joint exploration work will focus on the deep water parts of the block and an extensive seismic work program is planned for 2009. Petrom will operate the initial exploration work including geologic and seismic studies in the deep water. ExxonMobil will fund the majority of the work program and provide expertise in evaluating the deepwater seismic data. Deep sea exploration is technically challenging and Petrom is taking an important step by starting exploration work in water depths below 100 m.

Johann Pleininger, Petrom Executive Board Member responsible for Exploration and Production: "This co-venture with ExxonMobil is an important step for Petrom to explore the hydrocarbon potential in the Black Sea. The deep water of the Black Sea has not yet been explored in Romania and also rarely in other parts of the Black Sea. We are delighted to have a technically experienced and financially strong company like ExxonMobil to work with to fully evaluate the hydrocarbon potential of the Neptun Block.“

"We are pleased to assist Petrom in its Romanian offshore exploration program,” said Elwyn C. Griffiths, Vice President, Business Development, ExxonMobil Exploration Company. “ ExxonMobil has considerable expertise in all facets of deepwater exploration and we see this as an opportunity to apply that experience in a new and promising region.”
Romanian Black Sea exploration in near shore areas started in 1969 with the first seismic acquisition. The first hydrocarbon discovery was made in 1980 and the first production started in 1986. Petrom is currently operating two Black Sea offshore blocks (XVIII Histria and XIX Neptun), covering an area of 13,800 sq km.
Petrom operates four producing fields (East Lebada, West Lebada, Sinoe and Pescarus) and one field is under development (Delta). The current offshore production is approximately 31,000 boe/day, which represents 26% of Petrom’s total production.

ExxonMobil
ExxonMobil is a global company present in nearly every country with an industry-leading inventory of discovered oil and gas resources, a strong portfolio of proprietary technology and substantial growth opportunities.  The corporation’s resource base is 72 bn boe and it has more than 100 major new development projects and global gas and power marketing activities underway. Total global production exceeds 4 mn boe/d in fields extending from West Texas to West Africa and from Australia to Alaska. The company is the world's largest non-governmental marketer of equity natural gas, the largest global refiner, manufacturer of lube base stocks, and supplier and marketer of petroleum products, and one of the world’s leading manufacturers of a wide range of petrochemicals and specialty chemical products.