OMV finds natural gas in Black Sea

OMV finds natural gas in Black Sea

ISTANBUL - Hürriyet Daily News
OMV, the Austrian energy firm, has “encountered” natural gas in a Black Sea drilling while exploring with a unit of Exxon Mobil, according a top executive of OMV. 

The gas was found in Domino-1, the first deepwater exploration well in the Romanian sector of the Black Sea, a statement from Petrom, an OMV subsidiary, said yesterday.

“This is encouraging, but it is too early in the data evaluation and exploration process to speculate on whether it will prove to be commercial or not,” said Gerhard Roiss, the chief executive of OMV, Bloomberg News reported.

Local unit in high loss 

Meanwhile, OMV Petrol Ofisi, the Turkish unit of OMV, has announced losses totaling 204.9 million Turkish Liras ($122.6 million) in 2011. Costs related to exchange rate fluctuations, high amortization, restructuring of financial debt and payments to benefit from tax amnesties were the reasons behind the losses.