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OMV, the big winner of the ICJ decision on Black Sea continental plateau

de Radu Rizea     HotNews.ro
Joi, 5 februarie 2009, 12:27 English | Business

Hotnews.ro published the map of the Black Sea natural resources concession: how and how much do  players on the market win from the decision in Hague. OMV won the only certain natural gas deposit in the area, since it inherited the concessions of the former national oil and gas operator, Petrom. Sterling Resources also wins, but only deposits still unconfirmed. Still, new deposits can be found, as it happened with the crude oil deposit in the Histria XVIII block, discovered by Petrom in 2007. Some 50% of the surface won in the Hague has still  to be explored and exploited.

The map  indicates:
- The concessions of the two companies;
- The surface free of concessions so far (the territory that was under dispute with the Ukraine);
- One of the most important gas deposits is in the disputed area. The deposit was leased towards OMV and Sterling, years before the Court's decision. New findings may arise at any moment.

The already leased areas expanded to the disputed territory, under the mention that extraction was blocked until a firm verdict in the International Court of Justice.
In brief:
- Out of the 9,700 square kilometers Romania won, Petrom will be able to exploit some 4,000 sqk.
- OMV bought Petrom in 2004, but could not exploit the gas deposit marked with red on the map until a decision in Court.
- Besides the confirmed deposits, new deposits may be found at any time. In 2000, several possible hydrocarbon structures were already mapped.  
- The second company, Sterling Resources, has the right to exploit the green area on the map, where the concession contract was took over from Paladin.

The map published by HotNews.ro was put up in 2000. Paladin, active at that time, is now owned by Sterling, while OMV bought Petrom.
























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