Premium article: Traian Basescu proposes ExxonMobil VP to turn Romania into a regional hub in the Black Sea region


President Traian Basescu met on Wednesday with a delegation of companies ExxonMobil and OMV Petrom, which informed him about the future projects of hydrocarbon reserves in the Black Sea, the head of state proposing to turn Romania into a regional hub for regional operations. [cleeng_content id=”990643590″ description=”Buy this translation today. This article has 2335 characters with spaces. ” price=”3.99″ t=”article”]The delegation of the consortium was led by the Vice President of ExxonMobil Exploration Company, Johnny L. Hall, and the CEO of OMV Petrom, Mariana Gheorghe. “Given the projects that ExxonMobil and OMV will develop in the Black Sea region, President Traian Basescu proposed Mr. Johnny L. Hall to consider turning Romania into a regional hub for ExxonMobil and OMV – Petrom operations in the Black Sea region”, a press release of the Presidential Administration reads. During the meeting, President Basescu was informed on the stage of projects and the future plans of the two companies within the consortium that they have formed in order to jointly develop offshore exploration works for hydrocarbon reserves in the Black Sea. At the same time, the officials of the two companies spoke about the importance granted to the Neptun block project and expressed their confidence that they would obtain the best results following such works, the release also mentions. ExxonMobil Exploration and Production Romania Limited, a subsidiary of the U.S. company ExxonMobil, started with OMV Petrom in December 2011 drilling operations in an oil block in the Black Sea, under the concession of the Romanian company. In early 2012 OMV Petrom and ExxonMobil announced a significant discovery at their operations in the Black Sea, preliminary estimates placing the natural gas reservoir at 42-84bcm, i.e. 3-6 times Romania’s annual consumption. ExxonMobil Exploration and Production Romania prepares for the next two years investments of up to USD 1.23bn in oil drilling and related works in the Black Sea. Also, in August 2012 the Ukrainian Government announced that it had awarded the gas exploration at Skifska field in the Black Sea to the consortium led by ExxonMobil and Royal Dutch Shell, which also includes OMV Petrom and the state-owned Ukrainian company Nadra. Gas extraction in the Black Sea is expected for the end of the decade and the exploitation of Neptun block, estimated for a 10-year period, could ensure Romania’s energy independence in terms of natural gas. Romgaz will also participate in association with OMV and Exxon in the future exploitation activities of the gas fields in the Black Sea, in Midia block, with a 10% interest, under an agreement signed on February 13th this year by the managements of the three companies.[/cleeng_content]

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