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The exploration of the Black Sea Neptun block is a joint venture between OMV’s Romanian subsidiary Petrom and U.S. major Exxon Mobil Corp., and includes the first deepwater exploration well in Romanian waters.
Bourbon Marine & Logistics has been awarded by Shell its first integrated logistics contract for the support of its exploration campaign in Black Sea, Bulgaria, in partnership with Bulgarian operator Bon Marine on March 28.
Turkey and the internationally recognized Greek Cypriot government have overlapping claims of jurisdiction for offshore oil and gas research in the eastern Mediterranean, a region thought to be rich in natural gas.
French oil giant Total (NYSE: TOT) and its partners Austria’s OMV and Spain’s Repsol have started drilling a third well in a block off the Bulgarian coast in the Black Sea, Total’s Bulgarian business said on Nov. 7.
The deal with Focus Oil could value Shell's stake in the Caesar Tonga Field in the Gulf of Mexico at about $1.3 billion, the report said.
Gazprom, which plans to complete the pipeline in 2019, said in a statement that 1,161 km of pipe had been laid since it began construction last year.
The Romanian company, controlled by private equity firm Carlyle Group LP, discovered two wells holding an estimated 10 billion cubic meters of gas in 2008 some 120 km offshore, where it has rights over the XIII Pelican and XV Midia Shallow blocks.
Turkey has estimated that the Black Sea holds recoverable reserves of 10 Bbbl of crude oil and 2 Tcm (70.6 Tcf) of natural gas and operators are making progress, slow some might say, toward exploiting this potential that a few years ago was touted by some analysts as the “new North Sea.”