Black Sea Reserves Lease Contracts Extended By All Romanian Govts – Ex-Ruling Party

According to the release, the former government’s decision to extend the contract did not change its content in any way, bringing only changes in the names of certain institutions.

The International Court of Justice at 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 12,000 sq km disputed surface.

The court’s decision triggered certain discussions related to the lease of certain Black Sea perimeters to Sterling Resources company, based on a decision adopted on November 12, 2008 by the former government.

The initial lease contract was signed back in 1992 by Enterprise Oil, which became the first foreign company exploiting in Romania’s maritime zone.

"After the contract with Enterprise was terminated, it was assigned to Paladin and later to Sterling company, which is the current beneficiary. Thus, they did not close a new contract in 2008, but an appendix stipulating certain contract provisions, including a series of programs of works," according to Mihai Gherman, deputy general manager of Romania’s Mineral Resources Agency ANRM.

In October 2007, Sterling Resources announced it closed several agreements by which it gave up 35% of its rights on exploiting and drilling oil and gas reserves assigned, keeping a 65% stake.

Mircea Geoana, the Senate Speaker and the president of Romania’s Social Democratic Party, part of the current ruling coalition, said Wednesday the Government should clear up the secret Black Sea reserves lease granted at the end of the former government’s mandate.

Geoana said authorities should check up the lease contract, as "there is a share of doubt on the rights of the Romanian state regarding exploitation”.