“At a meeting with (Economy Minister Ion Ariton) and the president of the National Agency of Mineral Resources (ANRM) agreement was reached to grant assignments to Sterling’s designated partners, PetroVentures International Ltd. (20%) and Gas Plus (15%),” the company said in a news release.
In addition, the Government will confirm that all of Sterling’s offshore licenses will now initially run to May 2014 with two further extension periods, each of three years in duration, according to the document.
The literature for the agreement will be completed within 10 days.
Sterling Resources is unfolding oil operations in the UK, Romania, France and the Netherlands.
The Economy Ministry on Thursday said representatives of Sterling Resources, PetroVentures and Gas Plus will invest between $500 million and $1 billion in hydrocarbon exploration in the Black Sea.