Exxon buys USD 0.25 bln equipment for Black Sea project

US group ExxonMobil Exploration and Production Romania, which develops together with the Romanian oil & gas producer OMV Petrom the biggest gas project in the Romanian Black Sea, will buy equipment for underwater oil and gas exploitation worth up to USD 260 million, without VAT. The contract, which spans over four years, was published in the public tender system although Exxon and OMV have not yet officially announced their decision to invest in Romania's Neptun block in the Black Sea, reports local Economica.net. In 2012, the two companies announced that the reserves in this perimeter could range between 42-84 billion cubic meters of natural gas. Exxon Mobil and OMV Petrom have invested USD 1.5 billion so far in prospecting and exploring this area of the Black Sea. If the gas exploitation proves commercially feasible, the two companies could make the final investment decision in 2019. editor@romania-insider.com