Dragon Oil, a company controlled by the Dubai authorities, wants to buy Irish group Petroceltic, which has exploration licenses in the Black Sea.

These licenses cover areas won by Romania at the Hague court in 2009 following a dispute with Ukraine.

The acquisition, which could be worth some EUR 640 million, would give Dragon Oil control of two concessions in Romania’s Black Sea, Muridava and Est Cobalcescu.

The two concessions were initially won by Sterling Resources. Petroceltic now owns 40% of the exploration rights in the Muridava concession, while the rest is controlled by Sterling. Of the two areas, Muridava is known to have oil and gas resources, confirmed years ago by the Ukrainians.

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editor@romania-insider.com