Canadian energy company Sterling Resources has added further weight to the prospect of Romania being a net exporter of natural gas by 2020. The company's general manager for Romania Marc Beacom said that he expects to see more discoveries in the Black Sea this year in light of the planned amount of exploratory drilling, according to news agency Bloomberg. Estimates following discoveries last year put Romania's natural gas reserves at 600 billion cubic meters.

The Sterling Resources manager predicted that the cost of developing the reserves could reach USD 30 billion, according to Bloomberg, but added that before more exploration “it's basically a guess.”

Almost exactly one year ago, Exxon Mobil and OMV Petrom announced the discovery of new reserves in the Black Sea Neptun Block after several months of exploratory drilling. Towards the end of February 2012, representatives of the joint venture announced that 84 billion cubic meters of gas had been found, but that it would take ten years and billions of euros to develop the deepwater site.

At the end of April 2012, Russian oil company Rosneft and Italian Eni announced a joint exploration venture in another part of the Black Sea – the Western Chernomorsky perimeter.

Energy company Sterling Resources is based in Calgary, Canada, and engaged in the exploration, development and production of crude oil and natural gas in selected areas of the world, including Romania. The company has onshore and offshore operations in Romania and in October last year agreed to sell a Black Sea block next to the Neptun perimeter to Exxon and Petrom. The company's total assets valued just over USD 60 billion at the end of September 2012.

editor@romania-insider.com

(photo source: sxc.hu)