In February, Petrom and US oil giant ExxonMobil reported a significant gas discovery at their joint Domino-1 deepwater well in the Neptun block, some 170 kilometers offshore Romania. Preliminary estimates for the accumulation range between 42 to 84 billion cubic meters of natural gas, which would exceed by three to six times Romania’s annual consumption.
Gas extraction is estimated to start by the end of the decade, and the discovery may be enough to eliminate Romania’s dependence on gas imports.
When asked if OMV will export the gas that it expects to extract from Black Sea blocks, Roiss said the group will sell on foreign markets only the gas left after covering the local demand.
Roiss did not comment of the group’s discussions with Romania’s government on the oil and gas royalty fees. In 2004, Romania has implemented a set of fixed royalty fees for oil and gas companies ranging between 3.5% and 13% of the production value. The fees were supposed to apply until December 2014, but the government has already announced plans to modify taxation in the field as of mid-2013.