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Romania OKs Two More Oil Drilling Licenses In The Black Sea

Romanian government Wednesday approved two oil exploration licenses in the Black Sea platform granted by the national agency for mineral resources to a consortium made of oil companies Lukoil Overseas and Vanco International.
Romania OKs Two More Oil Drilling Licenses In The Black Sea
Florentina DraguMediafaxfoto - MediafaxRadu Bostan
20 oct. 2011, 10:58, English

The licenses are for 30 years and include the rights for exploration, development and exploitation of two maritime blocs with a surface of 1,000 square kilometers each.

The two companies are likely to invest $75 million in the first three years, with another $80-$160 million to be added in the next few years, depending on potential discoveries, the government said in a statement.

Romania recently signed similar agreements with the companies Petromar Resources, AuDAX Resources, Petro Ventures Europe, Blackstairs Energy and Moesia Oil and Gas.

According to a document obtained by Mediafax last week, the government issued an ordinance allowing companies that drill in the Black Sea platform to work without construction permits, in a move to shorten the waiting period for companies.

Romania’s leading oil company OMV Petrom (SNP.RO), as well as oil giants Exxon and Lukoil are some of the companies that will benefit from the facility.