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May 17, 2022

Petrom’s exploration licence extended by three years

The National Agency for Mineral Resources (ANRM) approved the extension by three years of the exploration term for certain perimeters under the oil agreements signed with OMV Petrom, until September 2014, the chair of the institution, Alexandru Patruti, stated, quoted by Mediafax. The oil agreements are signed on a 30-year-term and include the stages of exploration, development and exploitation, but an extension of the first stage will not result in prolonging the term of the agreement, Patruti argued. The latter added that OMV Petrom had relinquished approx. 25 pc of the total surface of perimeters, reducing their number from the initial 14 to 10. The Austrian group OMV stated in May that OMV Petrom’s business deals risked being affected if ANRM did not renew the exploration licences set to expire in September.

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