Update: Dutch company Lalea Energy took over the operating license for the Romanian natural gas field Bobocu from Canadian company Claren Energy, Profit.ro reported. Lalea Energy BV is not the same company as Tullip Exploration and Development, as initially reported.
The buyer will pay Claren a royalty of 5% of the production value over the entire lifetime of the field.
It also pledges to meet all the commitments included in the contract with the Romanian mineral resources agency and start producing natural gas within two years.
The Bobocu gas field natural gas field is located in Buzau county (eastern Romania). It was discovered in 1966 and first developed by national gas company Romgaz, which abandoned it in 1995 due to sand influx in the well boreholes.
Zeta Petroleum acquired the field in 1998. It planned to begin production in 2011 and produce natural gas and condensates.
The reserves left at the Bobocu gas field were estimated at around 765 million cubic meters, according to estimates dating from 2011.
(Photo: Gerasymenko/ Dreamstime)