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March 2, 2021

More oil from the Black Sea

Oil agreements for the exploration and development of plots put out for concession by the National Mineral Resources Agency (ANRM) last autumn will be signed in the course of this week, Alexandru Patruti, the head of ANRM, stated, in an interview to ‘Adevarul’. This round of concessions also included the portions on the Black Sea continental shelf which Romanian won after the suit with Ukraine, judged in The Hague. The agreements will first need to be approved by a government resolution. When asked why the process of completing the oil agreements was taking so long, the official admitted there was room for improvement in this respect, adding ANRM was meaning to modify the existing legislation.

The greatest surprise of the last round of concessions, finalized this summer, was the winning of two marine areas by the Russian group Lukoil, which competed against the bidder rated the favourite, the consortium made up of the American giant ExxonMobil, Petrom – which already extracts oil from the Black Sea – and Romgaz, a state-owned company. “Lukoil has a refinery (e.n. Petrotel Ploiesti) which has been modernizing for a few years now, so it is only natural they should take an interest in extracting mineral oil from Romania, because, at the moment, they rely on imports,” Patruti said.

As regards the hydrocarbon potential in the Black Sea area, the latter stated that, based on researches conducted so far, no significant deposits could be found.

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