The agreements, published on ANRM’s website, refer to exploration and exploitation of three Black Sea blocks. Chevron has leased a fourth block in Romania, in the eastern city of Barlad.
Under the deals published Thursday, Chevron was granted exploration rights over the blocks for a period of 30 years, with a 15-year extension period. Should the US company find natural gas or oil, it must pay royalties to Romania of 3.5% to 13% of the production value.
Chevron will drill eight exploration wells in the three blocks at the Black Sea within four years since the agreements were signed. Romanian government has approved the three deals at the end of March.