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February 1, 2023

Gazprom Neft to drill for petrol and gas in western Romania

Canadian company East West Petroleum and Serbia’s Naftna Industrija Srbije (NIS), controlled by Gazprom Neft, struck a an oil block prospecting deal involving at least 12 oil wells going to be drilled in western Romania, Mediafax reports. The National Agency for Mineral Resources (ANRM)) gave on concession to East West Petroleum (WEWP) the oil blocks near Tria, Baile Felix, Bihor County, Periam and Biled, Timis County. Under the agreement, the NIS will finance all the works, including drilling, and get 85 per cent of the commercial rights in return. Gazprom Neft will pay CAD 525,000 to EWP, accounting for the amount the Canadian company has already spent on the projects. EWP will keep 15 per cent of the commercial rights on the four blocks, according to an EWP press release.

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