BUCHAREST, Romania, Dec. 4 (UPI) -- ExxonMobil Corp. reached an agreement with Romanian oil and gas firm Petrom to explore deepwater reserves off the coast of Romania, corporate statements say.
The Romanian affiliate of ExxonMobil, ExxonMobil Exploration and Production Romania Ltd., signed the agreement with Petrom for 3-D seismic evaluations in the Black Sea, ExxonMobil said.
Petrom, the largest Romanian oil and gas firm, will oversee initial operations, with ExxonMobil providing funding and technical expertise on the evaluation.
"ExxonMobil has considerable expertise in all facets of deepwater exploration, and we see this as an opportunity to apply that experience in a new and promising region," said Elwyn C. Griffiths with ExxonMobil.
The venture with Petrom marks the second major deal for ExxonMobil in the Black Sea.
"This co-venture with ExxonMobil is an important step for Petrom to explore the hydrocarbon potential in the Black Sea," said Petrom's Johann Pleininger.
