Australian Beach Energy to participate in Romanian offshore oil and gas exploration

Australian oil and gas company Beach Energy has announced a 30 percent participation in an offshore Romanian oil and gas exploration block.

The firm expects to invest just under USD 25 million in the first three years of the project in the Black Sea Est Cobalcescu block, which lies around 150 km east of Romanian port city Constanta. Beach Energy joins two other companies in the project – Melrose Resources and Petromar. The venture is awaiting approval by the Romanian government, but if all goes to plan, the concession will be for a 10 year exploration phase and a 30 year production phase.

Adapted from Romania-Insider


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