“The reserve size will be known in February 2012,” Dorin Cojocaru, a director with the agency, said Thursday.
Petrom and Exxon Mobil have signed an agreement in 2008 to explore deepwater portions of the Neptun Block offshore Romania.
Under the deal, Petrom operates the initial work program, while Exxon Mobil helps fund the work program and provide expertise in evaluating the deepwater seismic data.
Development and production costs in the perimeter are estimated between $3 billion and $10 billion, if drilling proves successful, Exxon Mobil officials said.