Exxon Mobil (NYSE:XOM)
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2 Years : From Dec 2011 to Dec 2013
ExxonMobil Exploration and Production Romania Ltd., an affiliate of Exxon Mobil Corp. and OMV Petrom SA, the 51% subsidiary of the Austrian oil and gas company OMV AG (OMV.VI), said Wednesday that they have made a potentially significant gas discovery in the Black Sea, offshore of Romania.
-The Domino-1 well, located in the Neptun Block, is Romania's first deep water well and is located 170 kilometers offshore in water approximately 930 meters deep.
-The exploration well encountered 70.7 meters of net gas pay, resulting in a preliminary estimate for the accumulation ranging from 1.5 to 3 trillion cubic feet, or 42 to 84 billion cubic meters, said OMV.
-Drilling operations started at year-end 2011 and are being finalized.
-ExxonMobil and OMV are planning new 3D seismic acquisition during 2012, the statement said.
-The evaluation of the Domino-1 well results and the new seismic study will determine next steps.
-It is too early in the data evaluation and exploration process to determine whether the Neptun Block will ultimately prove to be commercially developable.
-However, should further work confirm the technical and commercial feasibility of deep water gas production from the Neptun Block, further investment during both the exploration and development phases could reach several billion U.S. dollars with the potential for first production towards the end of the decade at the earliest.
-By Vienna Bureau, Dow Jones Newswires; +43 1 513 69 2210, firstname.lastname@example.org