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Exxon, Lukoil, OMV optimistic gas deposits in Romania Black sea

Exxon, Lukoil and OMV reported gas deposits in Romanian Black sea exploration blocks announced as important discovery for local economy and EU energy security.

The gas deposit found in the Black Sea by the US company Exxon and the local oil & gas company OMV Petrom is estimated at 100 billion cubic meters (bcm), said Iulian Iancu, president of the Committee for Industries and Services within the Chamber of Deputies.

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Exxon has invested EUR 1.3 billion in the Black Sea explorations, said Iancu.

“No one in this world would complete such an investment program if the area’s potential were not already confirmed,” Iancu added, cited by local Agerpres.

Close to the perimeters explored by Exxon and Petrom, Lukoil has confirmed another deposit of 30 billion cubic meters.

These gas discoveries are very important given that the recent conference on climate change that took place in Paris (COP21) has identified gas as one of the fuels for the future, due to its lower adverse effects on the environment compared to coal and oil, according to Iancu.

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