Sterling Resources calls for force majeure on perimeters leased in the Black Sea

Joi, 28 aprilie 2011, 12:51 English | Top News

Sterling Resources calls for force majeure on perimeters leased from the Romanian state in the Black Sea after it could not execute oil operations for reasons independent of its will, the company announced in a press release. Sterling claims that governmental authorities do not want to release authorizations for oil extracting activities in the offshore area. Therefore, Sterling sent a notification, considering that the lack of clarity on the procedures applicable and the competency to release authorizations are a force majeure event according to the lease agreement. 

Sterling requested Romanian authorities to clarify the newest regulation adopted in the Parliament that ruled that one needs building authorizations for certain offshore activities. However, governmental authorities cannot or do not wish to release authorizations for offshore areas.  

Therefore, the company is in the impossibility to conduct its operations. According to the lease agreement, the authority regulating mineral resources needs to either reject the claim of the company or extend the period of the lease. 

Sterling Resources Ltd. is an international oil company, listed in Canada with a social headquarters in Calgary, Alberta.