Extended petroleum concession agreements
The National Agency for Mineral Resources (ANRM) wants to extend the contracting terms by three years, from September 12, 2014 to September 12, 2017, the exploitation period for a petroleum agreement signed for 18 hydrocarbons perimeters. The title-owners are OMV Petrom, Repsol and Hunt Oil, a governmental draft decision reads. The exploring-development and exploitation of hydrocarbons perimeters are I-Adjud, III-Berca-Arbanasi, IV-Valenii de Munte, V-Baicoi, VI-Targoviste, VII-Urziceni Vest, VIII-Urziceni Est, IX-Bucharest, X-Craiova, XII-Pitesti, XIII-Targu Jiu, XIV-Marghita and XVII-Istria. In the Istria perimeter in the Black Sea there is the largest hydrocarbons deposit in the OMV Petrom portfolio, Lebada East.
The title-owners have motivated their request by showing that the data obtained until now call for an extension of the exploring period, having in view the need for carrying new works that would allow drawing a proper image of the hydrocarbons perimeters’ potential included in the petroleum agreement, in view of a clear perspective for development. In the absence of such data the title-owners lack the necessary volume of information allowing the drawing of a development plan.