The amount actually shows how much ExxonMobil invested in exploration and production work. The US group and Petrom will only be able to start making profit from their Black Sea project at the end of the decade, as finding hydrocarbon reserves can be one of the most cost intensive and also risky operations.
Only one in ten wells drilled turns out to be a success, according to available information, and the recovery factor is about 70% for a gas deposit, while and about 35% to 40% for an oil deposit.
ExxonMobil started exploration in the Black Sea together with Petrom in 2008 and has since invested $1.5 billion without any return yet. Another company involved in deep water exploration in the Black Sea is Russia’s Lukoil.
(English version by Loredana Fratila-Cristescu)