Romanian Govt. approves three oil exploration agreements in Black Sea

Romania's Government has approved three agreements for oil exploration in the Black Sea, allowing Dutch and Romanian companies to search for oil and invest at least USD 140 million in the next three years. Each of the three areas has at least 1,000 km in Romania's area of the Black Sea, according to the Government which hasn't mentioned the names of the companies that will explore these areas.

“The agreement are valid between 20 and 30 year, depending on complexity of works, and the value of the minimum mandatory investments over the next three years is of USD 140 million,” said Ioana Muntean, the Government's spokesperson.

After the initial program is finalized, the companies can either drop the agreement or continue with other programs which could reach USD 70 to USD 180 million over the next three years. The country's National Agency for Mineral Resources (ANRM) announced last year winners of the oil concessions perimeters in Romania, and 20 areas have been allotted, our of which five in the Black Sea continental plateau. So far, the Government approved more than half of the oil concession agreements. The winners of perimeters on Black Sea's continental plateau are LukOil Overseas & Vanco International – the Rapsodia and Trident areas, Melrose Resources & Petromar Resources- Muridava and Cobalcescu areas, Petro Ventures BV- Luceafarul perimeter. Elsewhere in Romania in the Pannonia plain, 12 other perimeters have been allotted to Audax Resources Ltd., Avere Enegrz Inc, Clara Petroleum Ltd., Moesia Oil&Gas PLC, MOL & Expert Petroleum SRL and Universal Premium SA. Chevron România E&P BV got three perimeters in Dobrogea: Costineşti, Vama Veche and Adamclisi. editor@romania-insider.com (photo source: Sxc.hu)