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Romanian Govt To Draft Strategy For Black Sea Resources Exploitation

The Romanian government will draft a strategy for the exploitation of the resources assigned through the decision of the International Court of Justice in the dispute between Romania and Ukraine, in accordance with the national interest, and aiming to consolidate the country’s energy independence.
Romanian Govt To Draft Strategy For Black Sea Resources Exploitation
03 feb. 2009, 16:10, English

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.

According to a government release, the court’s decision would have a positive regional and bilateral impact, by offering an example of solving disputes in the extended region of the Black Sea.

The assigned surface is said to include about 70 billion cubic meters of natural gas and 12 million tons of oil.

Romania’s annual gas consumption is at 17 billion cubic meters, while its annual crude oil production, entirely provided by oil company Petrom, is at 5 million tons.