The Government approved the results of the closed bidding to choose the concessionaire of the mineral exploration works on Moldova’s territory, which was won by the American company Frontera International LLC, IPN reports.
Bids to the contest were submitted by Frontera International LLC and Overseas Minerals Corporation of the UK during August 5 – October 5, 2016.
The concession agreement regarding hydrocarbon exploration and development will be negotiated and signed by the Ministry of Environment with the winning company for a period of 40 years. The state will get not less than 1% of the revenues earned from the sale of hydrocarbons. The company will start work within two years of the signing of the concession agreement.
Studies show Moldova has oil and natural gas resources in the south, namely in Valeni, Victorovca and Beresti. According to the situation of 1984, the explorable resources in Moldova came to about 5.3 million tonnes of crude oil and 16 billion cubic meters of gas.
