OMV Petrom CEO: Romania could start gas extraction from Black Sea at end of decade

Romania should start extracting gas from the Black Sea towards the end of this decade, and OMV Petrom's exploitation of reserves in the Black Sea could grant the country energy independence, said Mariana Gheorghe, OMV Petrom CEO, during a TV show on Sunday (October 7 ).

“This discovery, which we call the Domino 1 probe, has an estimate 42 to 84 billion cubic meters of gas. Production could start at the end of the decade, somewhere in 2018,” said the OMV Petrom CEO. Data is currently being evaluated to see whether new probes are needed, then seismic data will be collected again to check possible exploitation points. The decision will be made around the mid-decade point on whether it is viable and makes business sense to start exploitation. Exxon Mobil Exploration, Production Romania Limited and OMV Petrom started drilling in the Black Sea in December 2011, and at the beginning of 2012 announced the gas discovery. The estimated amount of gas would be three to six times higher than Romania's annual consumption. If it uses the gas found in the Black Sea, Romania could give up imports from Russia. “In the next years, over half of the needed primary energy resources in Romania will come from hydrocarbons, oil and gas. Secondly, considering the situation on the gas segment, 70 percent of the need in Romania comes from local production, and 30 percent is imported. If this exploitation proves to be a business success, we have the chance to be energy independent on the gas segment,” explained Gheorghe. Before extracting any gas at all, the company will have to invest some EUR 1 billion, but once extracted, it would lead to a reduction in price paid by individual consumers in Romania. editor@romania-insider.com (photo source: Exxon Mobil)