Romanian Authority ANRM Declassifies Initial Deal On Black Sea Lease

Romania’s Mineral Resources Agency ANRM declassified Tuesday the contract sealed in 1992 with Canada’s Sterling Resources for the crude oil and natural gas reserves in the Black Sea.The contract had a 25-year term, including the exploitation period, with an initial exploitation period of 5 years.In 1992, Rompetrol oil company, representing at that time the Romanian authorities, and a consortium made up of Enterprise and Canadian Oxy companies sealed an exploration deal.Subject to ...

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