Dutch company Tullip Energy Exploration and Development (also known as Lalea Energy) took over the operating license for the Romanian natural gas field Bobocu from Canadian company Claren Energy, Profit.ro reported.
The buyer will pay Claren a royalty of 5% of the production value over the entire lifetime of the field. It also pledges to meet all the commitments included in the contract with the Romanian mineral resources agency and start producing natural gas within two years, according to Romania-Insider.com.
Zeta Petroleum acquired the field in 1998. It planned to begin production in 2011 and produce natural gas and condensates.
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