Romania may auction exploration licenses for six oil and gas blocks in the Black Sea as early as next year after the global crisis kept investors away at previous auctions, Alexandru Patruti, head of the country's Mineral Resources Agency told press agency Bloomberg.
“We haven’t receive any offers for these blocks so far, probably because the drilling requires large investments and we are in a global crisis.” Romania still has about 159 billion cubic meters of proven gas reserves and 72 million metric tons of oil after more than 100 years of exploitation, but hasn’t estimated the reserves from the Black Sea blocks, BUConline reports.