An Amoco Production Co. unit has signed an agreement with Rompetrol SA covering exploration in Romania. Amoco Romania Petroleum Co. will acquire seismic data and drill at least two wildcats on the 185,000 acre Block 7 in the Carpathian Mountains about 37 miles northeast of Bucharest. Initial investment in the project is expected to be about $20 million. Under the agreement, Amoco's first contract for oil and gas exploration in eastern Europe, state owned oil company Rompetrol has the
An Amoco Production Co. unit has signed an agreement with Rompetrol SA covering exploration in Romania.
Amoco Romania Petroleum Co. will acquire seismic data and drill at least two wildcats on the 185,000 acre Block 7 in the Carpathian Mountains about 37 miles northeast of Bucharest. Initial investment in the project is expected to be about $20 million.
Under the agreement, Amoco's first contract for oil and gas exploration in eastern Europe, state owned oil company Rompetrol has the option to acquire as much as a 20% interest in development of hydrocarbons on the block.
Block 7 is one of 15 areas included in an international bidding round Rompetrol announced in September 1990 by Rompetrol on behalf of the Romanian government. Competitive bidding was conducted last year.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
