Romania president says Exxon, Petrom gas investment at $4-5 bln

Reuters

BUCHAREST, Sept 3 (Reuters) - Romania's top oil and gas group Petrom and U.S. major ExxonMobil will need to invest $4-5 billion to extract gas from a Black Sea field, provided additional data confirms their find, President Traian Basescu said on Wednesday.

The two companies jointly own Domino-1, the first deep water exploration well in Romanian waters and in 2012, they said they had discovered 1.5-3 trillion cubic feet (42-84 billion cubic metres (bcm)) of gas reserves.

Earlier this year, Petrom and Exxon began drilling a second deepwater well in the Black Sea in the European Union state, needed to assess the size and commercial viability of the gas field previously discovered at Domino-1.

Basescu said the new gas field would likely help Romania cover both its gas needs and those of eastern neighbour Moldova by 2018-2019.

(Reporting by Luiza Ilie; Editing by Matthias Williams)

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