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Rompetrol Denies Relation With Black Sea Blocks Issue, Accuses “Political Manipulation”

Dinu Patriciu, the general manager of Romania's oil group Rompetrol, Thursday denied any connection between him or Rompetrol group and the Black Sea blocks issue, and said the recent media frenzy is a "political manipulation."
Rompetrol Denies Relation With Black Sea Blocks Issue, Accuses “Political Manipulation
05 feb. 2009, 17:22, English

"We face political manipulation by making conspiracy theories aimed at discreditting me as well as Rompetrol’s operations and employees. Neither Rompetrol, majority owned by Kazakhstan’s KazMunaiGaz, nor myself, as the group’s general manager, had or have any connection with the blocks in question," Patriciu said in a Rompetrol statement.

Many people "have an opinion on the Black Sea continental shelf," but only a few take into account the opinion of the experts’ in the field, Patriciu added. According to experts, the figures on the continental shelf potential are overstated and the exploitation costs are very high, around tens or hundreds million US dollars.

Rompetrol Group has not expressed so far its interest in leasing or closing partnerships to exploit the areas in Black Sea’s continental shelf.

Rompetrol has five drilling areas leased in Satu Mare, Zegujani, Gresu, Nereju and Focsani and a production area in Golesti, while Sterling closed a 30-year oil exploitation contract for XIII Pelican and XV Midia blocks in the Black Sea.

The International Court of Justice at The Hague drew Tuesday 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, a area said to include about 70 billion cubic meters of natural gas and 12 million tons of oil.

Romanian Prime Minister Emil Boc sacked the head of Mineral Resources Agency ANRM, Bogdan Gabudeanu, and asked for the declassification of the government decision approving the appendix of the Black Sea reserves lease contract.

The PM also asked for establishing the conditions under which certain Black Sea perimeters were leased to Sterling Resources company, based on the decision adopted on November 12, 2008 by the former government.

Between 2005 and 2006, Rompetrol developed commercial contracts with Canadian company Sterling Resources, which owns drilling rights in the area.