"Petrom" begins explorations in the Black Sea

"Petrom", the operator of the Neptun block in the Black Sea, yesterday announced the beginning of preliminary seismic studies. These works will include running a 3D seismic acquisition program on an area of approximately 3,000 km (the largest area in Romania to undergo exploration through 3D seismic acquisition). The exploration will be performed by "Petrom" as part of a joint venture with "ExxonMobil Exploration and Production Romania" Ltd., a subsidiary of "ExxonMobil", according to a press release received by our editors.

The use of 3D seismic acquisition technology allows the identification of the most promising areas located several kilometers below sea level where hydrocarbons are most likely to be found. The exploration works will be done using one of the largest seismic acquisition ships in the world, GeoCeltic, operated by Fugro-Geoteam. The ship arrived in Constanţa on August 4th. Built in 2007, GeoCeltic is approximately 100 m long and 28 m wide outfitted with highest class equipment. The seismic acquisition works are estimated to take approximately 90 days.

"Petrom" currently operates two offshore perimeters (Istria XVIII and Neptun XIX), with a total surface of 13,880 square km. The company currently has four active commercial deposits on the continental shelf (Lebăda Est, Lebăda Vest, Sinoe and Pescăruş), with a fifth deposit (Delta) in the development stage. The current output reaches almost 31,000 boe/day, which represents 17% of Petrom"s total output in Romania.