Romania's state-owned Romgaz has acquired a 10 percent participation option from OMV Petrom and Exxon Mobil in a Black Sea natural gas exploration effort reports UPI.
Romanian Prime Minister Victor Ponta, Romgaz and the two oil companies made the announcement last week in Bucharest. Under the deal, Romgaz will hold 10 percent of the exploration and exploitation operations in the Midia perimeter on Romania's continental shelf.
Exxon and OMV Petrom acquired the Midia block in October from Canada's Sterling Resources. It covers 125,000 gross acres 20 miles northwest of Exxon and OMV Petrom's Domino-1 giant gas discovery on the Neptun block, which has been identified as holding reserves of 1.5 trillion-3 trillion cubic feet of gas, Oil & Gas Journal reported.