Petrom starts exploration works in Neptun block in the Black Sea

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Petrom, the biggest crude oil and natural gas producer of South-East Europe starts the initial seismic studies of Neptun block in the Black Sea, due to last 90 days, the company reports.

The initial works will include a 3D seismic acquisition programme on an area of some 3,000 sq.km., the biggest exploited area in Romania by the 3D acquisition technology.
The works are conducted by Petrom in partnership with ExxonMobil Exploration and Production Romania Ltd, subsidiary of ExxonMobil corporation.

‘Deep water exploration is a hi-tech field and we are glad to work together with ExxonMobil, an experimented company in the field,’ said Johann Pleininger, member of Petrom’s board, in charge with the activity of exploration and production.

The use of 3D seismic acquisition technology allows the identification of most promising areas for prospective ores of hydrocarbons at depth of several kilometers below the sea level.

Exploration works will be conducted by one world’s biggest seismic acquisition, GeoCeltic, operated by Fugro-Geoteam company. The ship arrive din Constanta seaport on Aug. 4.

Built in 2007, GeoCeltic ship is 100-metre long and 28-metre wide and is equipped with the most modern technology.
Petrom is the biggest Romanian oil and gas company carrying out activities on Prospecting and Production, Refining and Marketing, Natural Gas and Energy.

Petrom is drilling proved oil and gas reserves put at 0.9 billion barrels of oil equivalent, it has a maximum annual refining capacity of 8 million tonnes and operates roughly 550 fuel distribution stations in Romania.

The company also owns an international 269 petrol station network in the Republic of Moldova, Bulgaria and Serbia.
Last year, Petrom posted 4.552 billion euros in turnover, while the EBITDA indicator (earnings before interest, taxes, depreciation and amortization) stood at 969 million euros.

OMV energy group holds a 51.01 percent stake in Petrom. OMV operates in 13 Central European states in Refining and Marketing and in 17 countries in six basic regions in Prospecting and Production.

The economy ministry holds 20.64 percent of Petrom shares, Fondul Proprietatea fund holds 20.11 percent, the European Bank for Reconstruction and Development holds 2.03 percent and the minority shareholders own 6.21 percent.

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