Romanian Romgaz, Mineral Resources Agency Ink Exploration Agreements

"Romgaz signed with ANRM the oil exploration agreement for the Black Sea continental shelf - Muridava East, Adjud, Ramnicu Sarat and Mizil. Also, it was equally inked the oil exploration-development agreement in the E VII-8 East Panonic depression. Thus, Romgaz could discover new oil deposits in the Black Sea," the ministry said in a statement Wednesday.

 

The Economy Ministry, Romgaz' majority stockholder, made no other stipulations on the agreement.

 

Contacted by MEDIAFAX, Romgaz’ general manager Lucian Stancu said the company is entitled to develop operations in the Pannonian Basin following an auction held in 2008, but the agreement was signed only in 2009.

 

As for the other perimeters, Stancu said that Romgaz does not have the right for lease or develop works.

 

"We could not develop works in the respective perimeters. These perimeters could be put up for bid by ANRM," Stancu said.

 

The idea of Romgaz taking part in oil exploration works in the Black Sea came up following charges against Canada’s Sterling Resources, which develops oil exploration operations in the Black Sea, it had allegedly got illegal exploration rights from the Government.

 

The International Court of Justice at The Hague recently drew a new maritime border between Romania and Ukraine, settling a decade-old dispute. The ruling gives Romania 9,700 square kilometers of exclusive economic zone, accounting for 79.34% of the 12,000 sq km disputed surface.