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March 4, 2021

Ukraine hopes Rompetrol will find oil and gas in the Serpent Island continental shelf

The community of Ukrainian experts has enthusiastically received the news published by Ziua daily, citing Bloomberg, according to which Marine Resources Exploration International controlled by the Rompetrol Holding SA was going to invest nearly USD 500 M in prospecting and exploring the portion of the continental shelf Romania was awarded by the International Court of justice ion the Hague, in the Serpent Island perimeter, for hydrocarbons. Some of the analysis the Ukrainian edition of Russian economic daily the ‘Kommersant’ quotes say that Rompetrol’s investment in the area might increase the interest of relevant Western companies in the Ukrainian part of the Serpent island continental shelf, which would be a very good thing considering that Ukraine does not have the financial resources needed to start prospecting itself.

The journalists at Kommersant.ua say they have been unable to obtain comments from Rompetrol regarding the subject. Ukrainian public company Naftogaz also refused to comment. A Naftogaz source however told the named newspaper that the Rompetrol Holding intends to extract crude oil from the shelf portion Romania won in court.

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