The British energy company Melrose and its partners, namely Petromar Resources, plan to invest USD 130 million to start seismic surveys and drilling in the Black Sea exploring for oil and gas deposits, according to the UK Ambassador to Romania, Martin Harris.

“They will bring British capital, technology and know-how to this key sector in the Romanian economy and hopefully help Romania and Europe develop more secure and diverse sources of energy supply,” writes the Ambassador on his blog. See his full post here.

Romania’s Government has recently approved three agreements for oil exploration in the Black Sea, allowing foreign and Romanian companies to search for oil and invest at least USD 140 million in the next three years.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: Sxc.hu)