August 3 (SeeNews) - Romania-based Black Sea Oil & Gas SRL (BSOG) said on Friday a two-well exploration drilling programme in the offshore XV Midia block has been completed without delivering the expected gas discoveries.
"This offshore drilling campaign demonstrates the risks that are inherent in trying to find gas resources offshore in the Black Sea where the chance of success is no greater than 25%. Successful efforts in this drilling campaign would have not only added gas resources to the country, thereby increasing its security of supply, but also made use of the infrastructure that is being proposed for the Midia Gas Development Project (MGD)," BSOG CEO Mark Beacom said in a statement.
Although the campaign did not deliver the expected gas discoveries, from an operational point of view, the wells have been successful, Beacom commented.
BSOG is the operator of the Romanian offshore blocks Pelican XIII and Midia XV containing the Ana and Doina gas discoveries.
The first well on the drilling programme, Iulia-1, was spudded in May 2018 and was drilled up to 2,110 m. The second well, Paula-1, was spudded on 17 June 2018 and was drilled up to 1,036 m.
The Iulia-1 well did not encounter any gas bearing reservoir and the net pay and volume of dry gas discovered at Paula-1 did not prove commercially viable for testing, but Paula-1’s results confirm the potential of the Dacian play which is already associated with Ana and Doina discoveries, the company said.
Black Sea Oil & Gas SRL, wholly owned by multinational private equity firm Carlyle International Energy Partners, is a Bucharest-headquartered independent oil and gas company, targeting exploration and development of conventional oil and gas resources. The company’s current portfolio is made up of XV Midia Shallow Block and XIII Pelican Block concession in the Romanian Black Sea where it is the operator and holds a 65% interest.
($=0.8525 euro)