The Parliament Thursday approved the Government’s initiative to concede rights over a territory of 6,300 square kilometres located in the south of Moldova for exploring for natural gas and petroleum. The project aroused discussions among the MPs because the concession agreement with Redeco Ltd signed in 1995 is valid for a period of 20 years. Some Opposition MPs said that this can lead to litigation and Moldova could lose large sums of money. Minister of Ecology and Natural Resources Constantin Mihailescu replied that the Government terminated the contract in April 2006 because the respective company did not honour the agreement obligations. A number of parliamentarians said that this case should be examined by the court, but Speaker Marian Lupu responded that the Parliament assumed responsibility and will be accountable for the possible consequences. According to the decision made on Thursday, if there are found deposits of petroleum and natural gas of industrial importance, the concessionaire – the operator of geological works – will have the right to enter into the concession contract to use the identified minerals. The works must be carried out within five years, starting not later than six months since the contract is signed. The geological information about the works and their results will be provided quarterly and gradually. After the decision takes effect, the Government will hold an international tender contest to attract foreign investors that would carry out the geological works. Redeco Ltd worked in the region of Valeni village, where natural gas and petroleum were found earlier. Speaking about the exploration for petroleum in Moldova, the MP Anatol Taranu cited an old saying: “It is difficult to find a black cat in a dark room, especially if the cat is not there.”