ExxonMobil seems set to farm down at least part of its 50% operator stake in the Domino and Pelican South fields in the Black Sea. Romgaz is the latest company touted as a farm-in candidate with local press reports from late November 2019 indicating that it is considering an offer of US$ 220 to 300 million to ExxonMobil for 15 to 20% in the XIX Neptun Deep licence. In October 2019, Romgaz and Socar signed a memorandum of understanding (MoU) for upstream projects in Romania and Azerbaijan, and Neptun Deep could offer an early opportunity for the companies to co-operate. Earlier reports from July 2019 suggested that Neptun Deep partner OMV Petrom (50%), and Carlyle Group-backed Black Sea Oil & Gas (BSOG) were also interested in acquiring part or all of ExxonMobil's stake. Domino 1 (2012) encountered 70.7m of net gas pay in Early Pontian (Miocene) sandstone, with initial estimates of recoverable gas at between 1.5 and 3 Tcf. Pelican South 1 (2015) holds a further 0.7 to 0.9 Tcfg, according to estimates reported by local media. Both discoveries have been successfully appraised, and OMV Petrom anticipates plateau production of 630 MMcfg/d. The overall project is budgeted at around US$ 1.2 billion, on top of over US$ 1.5 billion already spent on the block. The XIX Neptun Deep (East) Production Concession is valid to 2045 and current partners are ExxonMobil (50% + Op) and OMV Petrom (50%).
ExxonMobil seems set to farm down at least part of its 50% operator stake in the Domino and Pelican South fields in the Black Sea. Romgaz is the latest company touted as a farm-in candidate with local press reports from late November 2019 indicating that it is considering an offer of US$ 220 to 300 million to ExxonMobil for 15 to 20% in the XIX Neptun Deep licence.