A question remains though: what are these companies drilling for, how much oil and gas does the Black Sea hold actually? The faculty at the University of Petroleum and Gas in Ploiesti, the experts of the National Agency for Mineral Resources and of the Society of Petroleum and Gas Engineers and the researchers of the National Institute for Research and Development of Marine Geology and Geoecology – GeoEcoMar say in unison that it is impossible to tell how much “black gold” lies in the deepest areas of the Black Sea now. They agree that if all of a sudden companies like ExxonMobil and Lukoil are willing to sink large amounts of money into the area, this is an indication that something is there.
“Something is there. If it was just one [company] venturing in this high depth area, that would have meant nothing, but since there are several companies, the signal is positive,” says Mihai Ionescu, EngD, Reader with the University of Petroleum and Gas in Ploiesti.
Petrom (SNP.RO), the largest company in Romania is already getting about 17% of its total hydrocarbon production from the Black Sea, which shows the potential is there.
“These are new areas, but the Black Sea has proven it’s got the resources. What they are doing now is going ahead,” says Gheorghe Oaie, general manager of GeoEcoMar.
Moreover, another treasure lies hidden in the depths of the Black Sea: gas hydrates, which are actually gas found in sediments on the sea floor that looks like frozen water. Removed from its normal temperature and pressure conditions, this frozen water melts freeing up the gas.
“The Black Sea floor has a huge gas hydrate potential. When they do the exploration they can see everything there is down there and if this type of fuel exists, they will surely drill for it,” said the representative of the University of Petroleum and Gas in Ploiesti.
(English version by Loredana Fratila-Cristescu)