"Exxon Mobil Corp (XOM). is so confident of prospects in the unexplored Black Sea it will spend $735 million to drill just two deep-water wells off Ukraine’s coast.
The outlay comprises a $335 million signing bonus for Ukraine’s government and a promise to spend a further $400 million on seismic surveys and drilling two wells, according to an energy ministry official. After making a natural gas discovery in neighboring Romania that may flow fast enough to supply half of that country’s consumption, Exxon plans exploration in Bulgaria, Russia and Ukraine.
The Black Sea is almost untouched by the oil industry, with fewer than 100 wells drilled, compared with more than 7,000 in the North Sea. Improving drilling technologies and increasing regional energy demand is drawing explorers to its challenging waters deeper than 1,000 feet (300 meters), said Philipp Chladek, a Bloomberg Industries analyst."
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