Sterling signed a contract with the state’s ANRM last year, but could not carry the investments stipulated in the agreement, ANRM head Gelu Maracineanu said.
The contract for exploring works and dividing production for the areas XIII Pelican and XV Midia was first signed on August 6 1992 by the power company Rompetrol with the companies Enterprise Oil and Canadianoxi Ltd. After Rompetrol was privatized the contract was taken over by the country’s ANRM and the contract’s keeper became Sterling.
On November 12 last year, the former Liberal government inked an additional document to the already-existent contract which was labeled as secret, the former Economy Minister Varujan Vosganian claiming the legislation in the field requires that such documents remain secret.
Sterling operates in Romania through Midia Resources, a company ANRM said would become the third biggest player on the domestic gas market.
Midia Resources was set up in 2007 with a share capital of 200 lei, but from the data provided by the Commerce Registry Office it never had any employees, administrators or turnovers.
Maracineanu said there are no documents showing the changing of the accord for the Black Sea perimeters from an exploitation one into a production and exploration one.
On February 9 the premier’s control body wrapped up the checking of the contract closed between ANRM and Sterling.