Romgaz, Lukoil Overseas and PanAtlantic Petroleum quit Black sea exploration rights
The Romgaz, Lukoil Overseas and PanAtlantic Petroleum companies, partners in the exploration of the EX 29 East Rapsodia oil perimeter in the Black Sea, gave up their rights on this perimeter, Romgaz informed on Wednesday.
Exploration results were below expectations, so the companies decided not to continue their operations there, after completing their obligations under the concession contract, and decided to notify Romania’s National Agency for Mineral Resources to this effect, Romgaz representatives explained in a release.
The three companies had also won the concession of the EX30 Trident perimeter in the Black Sea, and reconfirmed on Wednesday their report of 14 October 2015 on finding 30 billion cubic metres of natural gas there – three times the annual consumption in Romania. Their shares under the relevant agreement are 10 percent for state-owned Romgaz, 72pct for Lukoil (Russia) and 18pct for PanAtlantic Petroleum Ltd.
Latest Posts
Popular Post
- Serbia Lece gold mine in the hands of a phantom company from Dubai
- Glencore starts drilling again at Pallas Green
- How valuable is Kosovo’s mineral wealth?
- Romania Baia Mare Cyanide Spill by Esmeralda Exploration Australia
- Sweden: Talga has started trial mining at its Vittangi graphite project
- Armenia’s environmental crimes committed in Azerbaijani lands are said to cause $285 billion in damages
- Miedzi Copper Corporation discovers deposits of silver and copper in Poland
- Gold mines and projects in Greece – One of the main factors behind the stock price decline for Eldorado Gold
- Raw materials mining deal in the Balkans
- Ireland Conroy Gold increases drilling in Monaghan following ‘positive’ results