New Market Study Published: Romania Oil & Gas Report Q2 2014

ExxonMobil will imminently move forward with its appraisal of the Domino-1 discovery in the Black Sea discovery, signalling a positive turn in Romania's upstream outlook. Further exploration efforts in the Black Sea from international oil companies (IOCs) are providing upside risk to the country's outlook.

The growing presence of IOCs is a necessary step to take advantage of Romania's increasingly expensive and technically challenging oil and gas developments. The most prospective areas remain offshore in the Black sea and the onshore basins which could support shale gas, while enhanced oil recovery is also helping to bolster production levels from mature fields. Chevron has taken the lead in exploring for and developing shale gas prospects, though has faced considerable local opposition

Full Report Details at
- http://www.fastmr.com/prod/779524_romania_oil_gas_report_q2_2014.aspx?afid=301

The main trends and developments for Romania's oil and gas sector include:

* While Chevron remains the key company to developing Romania's shale gas resources, developments continue to be disrupted by strong local opposition. The company received a number of licences to prospect for shale gas but was twice stopped from drilling in the Pungesti area. The US major has now suspended exploration work.
* Due to the significant opposition to shale gas exploration and particularly the application of hydraulic fracturing, local communities are petitioning to hold referendums to ban the practice. If successful, this move could see Chevron prevented from operating in a number of its licence areas.
* Interest in the potential of the Black Sea remains strong. ExxonMobil and OMV Petrom have completed a 3-D seismic survey of the 6,000 square kilometre (sq km) Neptune Block, including the Domino-1 discovery. The Ocean Endeavor semi-submersible has been leased to carry out appraisal drilling in Q1 2014. If commerciality is proven at Domino-1, production is unlikely to begin until 2018 at the earliest.
* Petroceltic failed to find commercial volumes of oil or gas at its Cobalcescu South-1 well in Block Ex-28 in the Black Sea. Following completion of drilling, the London listed company had to carry out unexpected maintenance work the rig, delaying the second offshore well planned at Muridava-1. The Muridava well is now scheduled to be spud in Q1 2014.
* Lukoil is waiting on the results of its 2,000sq km 3-D seismic surveys on the East Rapsodia and Trident blocks in the Romania Black Sea. The surveys were completed by the end of 2012, with the main prospects being identified and recommendations given for further exploration work in the area. Lukoil's current exploration agreement for its concessions runs to 2016.

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