Romania Granted Sterling Exclusive Oil Drilling Rights In Black Sea Blocks

The document allows Sterling to carry out operations on the entire period of the contract, in XIII Pelican and XV Midia blocks, according to the appendix posted Friday on ANRM’s website.

The paper also allows a third party to develop mining operations in the mentioned areas, as long as the operations are not conflicting Sterling’s oil operations, with the company’s prior written consent.

Sterling may give up parts of the contractual areas, after notifying ANRM, and after carrying out environment restoring works.

ANRM will not grant Sterling any compensation for its services or any reimbursement of expenses, except for the quantities of oil on the surface mentioned in the contract.

The contract has a 30-year validity period and may be extended by up to 15 years.

The contract may be terminated at any time if Sterling gives up its contract rights and obligations. In this case, the state budget would have the rights over the funds invested so far by Sterling.