November 24, 2017

ANRM makes public Chevron contracts

Premier Mihai Razvan Ungureanu announced in Warsaw that the US Company Chevron accepted to make public the contracts it signed in Romania, which were posted yesterday on the internet site of the National Agency for Mineral Resources (ANRM). The clauses of the investment assumed by Chevron for some contracts in Romania, which the company agreed with the Government to keep secret, so they are not divulged to rival companies, have been made public on the ANRM site because of a technical error generated by superficiality, and the value of the investments assumed by Chevron could be freely accessed by anyone for more than an hour by simply moving the cursor and scrolling the internet page. After the “veil of secrecy” was removed, we could learn that, by contract, Chevron pledged to drill eight exploration wells in the three perimeters, within a 4-year interval since the signing of the oil accord. The Americans control in Romania a gas exploration/extraction perimeter in Barlad and three perimeters in the Constanta County – Vama Veche, Adamclisi and Costinesti. The accords for the three perimeters near the Black Sea refer to operations of exploration, development and extraction. The documents include the information generally provided by this kind of accords in the oil and gas industry, but make no reference to the investments assumed by the Americans, the total figure of subsequent investments pledged by Chevron, or the contact data of company officials. Also, Chevron was granted concession rights on the perimeters for a 30-year interval, which may be extended by 15 more years. Also, if Chevron finds gas and oil, it will pay the Romanian state royalties between 3.5 % and 13 % of the output.

Source: Nine o’clock (read more)

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