US-based oil and gas company Frontera Resources subsidiary Frontera Resources International has signed a concession agreement with the Government of Moldova for exploration, production and development of hydrocarbon resources in the country.
Under the deal, Frontera will have an exclusive right to explore, produce and develop hydrocarbon resources in the southern part of the country that includes an area of nearly three million acres.
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Frontera Resources chairman and CEO Steve Nicandros said: “Frontera is very pleased to have concluded this important agreement with the Government of Moldova.
"With this new mandate, we look forward to bringing advanced technical resources to exploring the portion of the Dobrudga Basin that is situated within the southern portion of the country.
“Overall, our agreement represents a new milestone of US investment in Moldova’s oil and gas sector and also signifies the commencement of a focused effort to help the country advance towards energy independence from its untapped natural resource potential.”
The agreement carries a validity of 50 years from the date of its execution and the first ten years will be the preliminary exploration phase.
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By GlobalDataThe deal elucidates standard provisions for royalty, environmental protections and performance criteria.
The company also intends to conduct a comprehensive technical evaluation for the onshore Dobrudga Basin.
Based in Houston, Texas, Frontera Resources focuses on different opportunities in Eastern Europe around the Black Sea.
