Exxon Inks Romanian Agreement to Hunt for Black Sea Hydrocarbons

ExxonMobil Exploration and Production Romania Limited has signed an agreement with Petrom SA to help explore deepwater portions of the Neptun Block offshore Romania. The Petrom agreement is ExxonMobil's second major exploration venture announced in the promising Black Sea in two weeks.

ExxonMobil and Petrom, the largest Romanian oil and gas company and a member of the OMV group, agreed to cooperate on a 3D seismic acquisition and evaluation program of the Neptun Block. Petrom will operate the initial work program. ExxonMobil will help fund the work program and provide expertise in evaluating the deepwater seismic data.

"We are pleased to assist Petrom in its Romanian offshore exploration program," said Elwyn C. Griffiths, Vice President, Business Development, ExxonMobil Exploration Company. "ExxonMobil has considerable expertise in all facets of deepwater exploration and we see this as an opportunity to apply that experience in a new and promising region."

ExxonMobil affiliates are currently exploring for hydrocarbons in deepwater locations around the world, including offshore Angola, Brazil, Canada, Greenland, Indonesia, Ireland, Libya, Madagascar, Nigeria, The Philippines and the United States.

"Petrom looks forward to working with ExxonMobil," said Johann Pleininger, Petrom Executive Board Member for Exploration and Development. "This co-venture with ExxonMobil is an important step for Petrom to explore the hydrocarbon potential in the Black Sea."