“Romania is now definitely turning into a honey pot for players on the energy market, both local and foreign companies. I expect great interest on the part of oil and gas companies, and fierce competition for leasing contracts. Moreover, the decision by the International Court of Justice comes at a favorable time, considering the current international context,” said Economic Analyst Aurelian Dochia. “Giants have kept away until now because the status of the area was uncertain. Practically speak
ing, the Hague verdict has awarded us 9,700 square kilometers. Part of this surface has already been leased to Petrom and Sterling. We will auction 5-6 perimeters of 1,000 square kilometers each in the coming year,” said the Head of the National Agency for Mineral Resources (ANRM), Gicu Borosi. The ANRM expert indicated that only large companies can sign partnerships or begin searching the area because there are geological risks and exploration is very costly.Borosi explained that, even though Romania has been awarded only some 80 percent of the area, none of the perimeters leased to Petrom, Romania’s largest company, or to Sterling Resources is affected, as these are not part of the remainder awarded to Ukraine. Local companies, such as the state-owned Romgaz, the country’s largest gas producer, and Prospectiuni, a geophysics expertise provider, see the court decision as an opportunity to boost their businesses.
Yesterday’s verdict by the International Court of Justice recognizes Romania’s sovereign jurisdiction and rights over a 9,700 square km of continental shelf and an exclusive economic zone, meaning 79.3 percent of the 12,000 square km area which figured in the dispute with Ukraine, and for some 70 percent of the estimated hydrocarbon resources.
