Gerhard Roiss (OMV): Potential of Black Sea discoveries represents a key for Romania and Europe

Black Sea discoveries potential represents the key for Romania's economic growth, the same for Europe and for neighboring countries, said the OMV CEO, Gerhard Roiss, on Wednesday, on the occasion of the OMV European Media Summit. He added that The Black Sea natural gas potential could be the biggest breakthrough in the past years and te energy sector is very important for Romania.

"Natural gas production potential in the Black Sea blocks is a sign of economic growth for Romania, representing a key, both for the country, as well as for Europe and for neighboring states", said Gerhard Roiss.

In addition to exploration activities undertaken in the Black Sea Neptune block, OMV acquired the right to explore another two offshore blocks in the neighborhood, in Bulgaria and Ukraine. They are the Khan Asparuh block in Bulgaria and Skifska in Ukraine.

Preliminary findings in the Neptune Block occurred in February 2011.

The Neptune Block has an area of approximately 9,900 square km., in waters with a depth ranging between 50 and 1,700 meters. In November 2008, ExxonMobil Exploration, Production Romania Limited and OMV Petrom signed an agreement whereby ExxonMobil received a participation of 50 percent in Neptune deep perimeter. Since then, the two companies have worked closely for 3D seismic data acquisition and to assess the hydrocarbon potential of the Neptune Block.