ExxonMobil confirms huge gas field in the Black Sea

ExxonMobil Romania estimates that gas production in the Black Sea's Neptun Deep sector could reach 6.3 billion cubic meters per year, equal to half of Romania’s current annual natural gas production.

Delia Budurca
Delia Budurca NewsMavens, Romania
ExxonMobil confirms huge gas field in the Black Sea - NewsMavens
Natural gas drilling, PixaBay

Why this story matters:

Richard Tusker, lead country manager of ExxonMobil Romania, said the company has not yet taken the final decision to invest in the exploitation of the deposit, pointing out the the challenges of drilling in the Black Sea,  the need for a predictable and stable fiscal framework, and access to markets, i.e. properly developed infrastructure.

The premise to begin exploitation of the Black Sea gas reserves rests with “the offshore law”, which is still on the agenda of the Commission of Industries and Services of the Chamber of Deputies of the Romanian Parliament, which has postponed its decision.

The Black Sea natural gas reserves amount to 200 billion cubic meters in the areas that were explored. This amount could double the country's average output for 20 years -- enough to make Romania Europe's third biggest producer. 

Details from the story:

  • Thus, in 2025, Romania could produce about 20 billion cubic meters of gas altogether, if all the Black Sea projects are developed. At present, about 11 billion cubic meters of gas are extracted in Romania, and national consumption is around this amount.
  • Tusker also stated: "...we need to understand how regulations will affect our investment. We need to know for sure that we have a predictable and stable fiscal framework. Third, it is about access to markets. We have to find markets, where to sell the gas. So we need infrastructure in Romania, as well as interconnections. And for that, stable legislation is needed. Here's what we look at when we look at the final investment decision."
  • "When they work to the maximum, there will be 9-10 billion cubic meters of gas per year coming from the Black Sea for 20 years, which will bring the Romanian state 2.8 billion euros in 20 years [...] There are about 200 billion cubic meters of reserves in the Black Sea only on what was explored, that is, the perimeters owned by Lukoil, ExxonMobil and OMV Petrom, respectively Black Sea Oil and Gas", announced in February Sorin Gal, general manager of the National Romanian Agency for Mineral Resources (ANRM).
  • According to ANRM, ExxonMobil and OMV Petrom have invested about 2 billion dollars in the Neptun perimeter, Lukoil -- more than 500 million dollars in the Trident perimeter, and Black Sea Oil and Gas -- 200 million dollars in the Midia and Pelican perimeters.
inbox_large_illu Created with Sketch.
Tired of the news media’s prevailing male perspective? We are too.

Get our newsletters composed exclusively by female journalists from all over Europe.


Project #Femfacts co-financed by European Commission Directorate-General for Communications Networks, Content and Technology as part of the Pilot Project – Media Literacy For All

The information and views set out on this website are those of the author(s) and do not necessarily reflect the official opinion of the European Union. Neither the European Union institutions and bodies nor any person acting on their behalf may be held responsible for the use which may be made of the information contained therein.

NewsMavens is a media start-up within Gazeta Wyborcza, Poland's largest liberal broadsheet published by Agora S.A. NewsMavens is currently financed by Gazeta Wyborcza and Google DNI Fund.
Is something happening in your country that Newsmavens should cover?
Zuzanna Ziomecka
Zuzanna Ziomecka EDITOR IN CHIEF
Lea Berriault-Jauvin
Lea Berriault Managing Editor
Jessica Sirotin
Jessica Sirotin EDITOR
Ada Petriczko
Ada Petriczko EDITOR
Gazeta Wyborcza, Agora SA Czerska 8/10 00-732, Warsaw Poland
The e-mail addresses provided above are not intended for recruitment purposes. Messages concerning recruitment will be deleted immediately. Your personal data provided as part of your correspondence with Zuzanna,Lea, Jessica and Ada will be processed for the purpose of resolving the issue you contacted us about. The data provided in your email is controlled by Agora S.A. with its registered office in Warsaw Czerska 8/10 Street (00-732). You can find more information about the processing and protection of your personal data at https://newsmavens.com/transparency-policy