Rompetrol takes $20m concession

The shareholders of Rompetrol Bucharest (Vega) have endorsed the takeover of petroleum concessions held by the US-based firm Forest Oil, which decided to drop its Romanian operations in the first half of this year. The total value of the deal will not exceed 20 million dollars (16.4 million euros), the report reads. Rompetrol will gain both the exploration, development and exploitation rights for three blocks in the Carpathian Bend region, as well as the investment commitments taken on by forest Oil in the agreement it signed with the National Agency for Mineral Resources in 1999. Forest Oil invested some 8 million dollars in its operations with the three blocks. The US petroleum company decided to back out of Romania after failing to find the gas or petroleum reserves required to begin production. Having conducted exploration works in all three areas, Forest Oil drilled close to Focsani last year, but to no avail. A number of American petroleum companies have left Romania over the last few years, among them Conoco and Pannonian Energy. Rompetrol Bucharest has 174.5 million RON (49.6 million euros) in share capital, and is 82.4%-owned by the Rompetrol Group. The remaining capital is held by minority shareholders, each of which owns less than 5%. Vega is listed on the first tier of the RASDAQ. ZF