World’s Oil Giants Have Their Eyes Set On Romania

06.03.2011 By Roxana Petrescu

France’s Total, US Exxon and Chevron, as well as Russia’s Lukoil are the oil giants that have in the past year set their eyes on Romania, trying to spot potential hydrocarbon reserves both on land and in the Black Sea.

Though Romania's entire territory has been deeply probed in the black gold race in the over 150 years of oil drilling, the domestic market is still catching the eye of some large players, being one of the few places in the region where crude oil can still be found.

New entries on the list of companies interested include Total and Chevron, which have asked the National Mineral Resources Agency (ANRM) for several exploration permits for certain areas in Romania.

Dorin Cojocaru, head of the general department of management, assessment and leasing for resources and oil reserves with ANRM, says these giants' interest in the domestic market can be accounted for by the existence of some proven oil and gas reserves.

Aside from, Total and Chevron, ExxonMobil is already seeking oil in the Black Sea together with Petrom, Romania's largest company, and it will be joined by Russia's Lukoil.

Last year, the ANRM held the tenth round of oil perimeter allocations, at the end of which there were 20 areas leased. However, works cannot start until agreements undergo an intricate series of approvals.