Bloomberg News

Melrose to Invest $130 Million in Romanian Oil Fields

October 24, 2011

(Corrects company name in first paragraph.)

Oct. 24 (Bloomberg) -- Melrose Resources Plc, a U.K. oil and gas company, plans to invest about $130 million in Romania, together with some partners, to explore oil and gas blocks in the Black Sea, the British Embassy in Bucharest said in an e- mailed statement today.

The Romanian government approved on Oct. 13 a concession agreement to allow Melrose and its Romanian partner Petromar Resources SA to start seismic surveys and drilling in the Black Sea, according to the statement.

--Editors: Zoe Schneeweiss, Peter Branton

To contact the reporter on this story: Andra Timu in Bucharest at atimu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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