Romanian PM, Canada’s Sterling Agree To Declassify Exploration Contract

According to him, Romania has obtained Sterling’s approval to make public the clauses of the agreement that gives Sterling the right to exploit the Black Sea oil resources. The agreement is to be published on ANRM’s webpage.

According to Boc, the contract stipulates that Sterling Resources will execute only exploration oil operations on blocks XIII Pelican and XV Midia in the Black Sea area that is to be delimitated between Romania and Ukraine, until the final decision of the International Court of Justice at The Hague. After the Court’s definitive and irrevocable decision, Sterling Resources has the right to execute exploitation oil operations in the respective areas.

Boc asked the Government’s legal consultants to look for legal solutions and change some clauses in the agreement sealed with Canadian Sterling company for blocks XIII Pelican and XV Midia in the Black Sea, governmental sources said earlier.

On Wednesday, 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 Prime Minister M also asked for finding out what were 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.

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, an area said to include about 70 billion cubic meters of natural gas and 12 million tons of oil.