This is the third addendum containing classified information since the signing of the concession agreement between the Romanian state and Petrom in 2000. ExxonMobil joined the agreement in 2008.
But why is this data secret if the potential Black Sea reserves could be key to Romania’s energy independence?
“The planning of the two companies’ works is confidential. This addendum is meant to speed up the volume of works in the Neptun block. This addendum does not change in any way the duration of the current oil agreement,” explains Gheorghe Dutu, president of the National Mineral Resources Agency (ANRM).
Petrom and ExxonMobil prepare to drill a new exploration well at the end of this year or at the beginning of next year after the first deep-sea well drilled in the Black Sea, Domino-1, found an accumulation of gas of 42-84 billion cubic meters worth around $20 billion. Addendum no. 3 was published in the Official Registry on August 5 2013 after being approved through a government decision.
According to the head of ANRM, there are several articles of law that rule the confidentiality of this information.
“The fact that this information is classified is due on the one hand to the fact that it concerns the economic interests of the Romanian state and on the other hand art. 4 of Oil Law no. 238/2004 establishes confidentiality of all data and information that concern oil resources of the Romanian state,” says the head of ANRM.
On the other hand, investors themselves do not want this information published for competition-related reasons.
“Mainly investors ask for protection of this data because they operate on a competitive market, and otherwise all competitors of a company involved in such a campaign would see the data on investments and on works. This standard applies to all companies, not just in this case and is valid internationally.”
(English version by Daniela Stoican)