Canada's Sterling to invest USD 500mn in gas extraction in Romania.

By bne IntelliNews June 24, 2011
Canada's oil and gas company Sterling Resources will invest USD 500mn in two Romanian offshore Black Sea perimeters and will start production in Q4 2013, Agerpres quoted Sterling Romania's general manager, Mark Beacom, as saying at Romania Gas Forum. The Doina and Ana perimeters are expected to have an output of 3mn cubic meters per day or 1bn cubic meters per year, starting 2014. Currently, the countrys annual domestic gas consumption stands at almost 14bn cubic meters. Sterling Resources, which has already obtained the necessary exploration permits from the national mineral resources agency ANMR, will conduct drilling with two offshore rigs, take over 1,050 km of 2D seismic profiles and conduct studies for the development of the two perimeters in 2011.

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