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Romania To Launch Intl Bids For Black Sea Reserves Lease

Romania's Mineral Resources Agency ANRM will launch international bids to lease the oil and gas reserves in the continental shelf of the Black Sea, expecting “big names” to attend the bids, ANMR president Bogdan Gabudeanu told MEDIAFAX on Tuesday.
Romania To Launch Intl Bids For Black Sea Reserves Lease
03 feb. 2009, 15:25, English

According to the agency, the reserves’ evaluation will last at least five years.

ANMR head could not provide an exact date for the bids.

He said a decisive factor in choosing the winners would be their investments budget.

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

The area 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.