Key energy reserves secured by state
Romania won almost 80 per cent of disputed maritime territory with massive oil and gas deposits in a historical dispute with Ukraine at the International Court in The Hague last month March 2009 - From the Print Edition
Now Romania has taken possession of an area of 9,700 sq-km south of Serpents’ Island in the Black Sea, while Ukraine can claim ownership to 2,300 sq-km. Both countries were disputing the space in order to secure the oil and natural gas reserves.
Romania is in a position to access 80 billion cubic metres of natural gas and eight million tonnes of oil, although there may be further unexplored reserves.
Romania’s annual consumption of natural gas rises to 16.4 billion cubic metres, from which 4.6 billion cubic metres are imported, making these reserves a key strategic asset.
But the time-line for exploiting these resources is likely to take a minimum of ten years before oil or gas can reach the land.
However now it is unclear who has the right to exploit these resources. The Romanian Government can benefit from about half of the sea surface, won in the court case, including its mineral resources. The remainder is split between Austria’s OMV-owned Petrom and Canadian company Sterling Resources, a business linked to billionaire Dinu Patriciu, minority shareholder of oil and gas group Rompetrol. Sterling Resources received the exploitation rights to the area at the end of 2008 by the Liberal Government, led by former Prime Minister Calin Popescu Tariceanu, a close friend of Patriciu. Prime Minister Emil Boc has announced that Romania is verifying the legal status of the bill issued by the former Government.
The International Court in Hague declared that Serpents’ Island, 45 kilometres northeast of Romania, was not a significant enough destination to act as the location of a land border. This was the argument of Ukraine, which would have allowed the ex-Soviet country ownership over a larger area of the Black Sea.
Serpents’ Island is the largest rock in the Black Sea. It has a surface of 1.7 square kilometres. The Ukrainian authorities have tried to populate the land by placing a military unit on the island. If Kiev had demonstrated that the island was not a rock, but a habitable island, according to international law, the country owning the island would have had the right to exploit a wide sea surface around the space.
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