Boston, MA -- (SBWIRE) -- 09/30/2013 -- ExxonMobil is moving forward with the assessment of its Black Sea discovery, signalling a positive turn in Romania's upstream outlook. Further exploration efforts in the Black Sea from international oil companies (IOCs) are providing upside risk to the country's outlook. The growing presence of IOCs is a necessary step to take advantage of Romania's increasingly expensive and technically challenging oil and gas developments. The most prospective areas remain offshore in the Black sea and the onshore basins which could support shale gas, while enhanced oil recovery is also helping to bolster production levels from mature fields. Chevron has taken the lead in exploring for and developing shale gas prospects with exploration drilling beginning before year end.

The main trends and developments for Romania's oil and gas sector include:

- Chevron has affirmed its commitment to developing Romania's shale gas resources after receiving licences to prospect for shale gas. The US group is the only holder of shale exploration licences in the country and has been granted permission to drill in three areas: Platinis, Popeni and Silistea. Drilling is expected to begin before the end of the year while further 2-D seismic will also take place.
- Interest in the potential of the Black Sea is strong. ExxonMobil and OMV Petrom have completed a 3-D seismic survey of the 6,000 square kilometre (sq km) Neptune Block, including the Domino-1 discovery. Data is currently under assessment to discern the technical and commercial feasibility of the discovery. The Ocean Endeavor semi-submersible has been leased to carry out further exploratory drilling towards the end of this year and into 2014. If commerciality is proven, production is unlikely to begin until 2018 at the earliest.
- Lukoil is waiting on the results of its 2,000sq km 3-D seismic surveys on the East Rapsodia and Trident blocks in the Romania Black Sea. The surveys were completed by the end of 2012 with the main prospects being identified and recommendations given for further exploration work in the area. Lukoil's current exploration agreement for its concessions runs to 2016.
- Petroceltic, operator of the shallow water Muridava and East Cobalescu licences, has identified two high-grade prospects for drilling in H213. The company is expecting to complete four further exploration wells in 2014.
- OMV Petrom is conducting an extensive redevelopment of 12 onshore and two offshore oil and gas fields in order to boost production. Planned developments to these sites include drilling new wells and workovers, water injection, polymer injection and steam injection, as well as modernising operations.

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