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March 23, 2023

Sterling Resources to invest USD 500 M in Black Sea perimeters

The amount needed for investment in Sterling Resources’ two Black Sea oil perimeters is USD 500 M, which can be obtained “easily”, the Canadian company’s director general, Mark Beacom, stated, yesterday, while attending a seminar on natural gas, Mediafax reports. The latter added that the Black Sea had a “huge” potential as far as hydrocarbon reserves are concerned, but argued the exploitation thereof was hindered by several obstacles, which could be removed if the Government showed a “leadership vision”.

According to Beacom, Sterling Resources will extract, in 2014, a daily quantity of 3M cubic metres out of the two perimeters. To make a comparison, daily gas consumption, at the national level, amounts, in winter, to nearly 60M cubic metres. Sterlin Resources owns oil assets in the United Kingdom, Romania and France.

The concession contract signed by the National Agency for Mineral Resources with Sterling Resources came to public attention after the International Court of Justice decided, in February 2009, that Romania was entitled to 79.3 pc of the territory under disputation with Ukraine, in the suit regarding the division of the Black Sea’s continental shelf.

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