Exxon Adds Romanian Site To Growing Black Sea Portfolio

Law360, New York (October 19, 2012, 4:57 PM EDT) -- Exxon Mobil Corp. has bought into a small deepwater block in Romania's portion of the Black Sea, paying up to $78 million to Canadian oil explorer Sterling Resources Ltd. and adding another country to its growing portfolio in the region.

Exxon and its partner, Romanian national oil company OMV Petrom SA, will pick up a 65 percent stake in about 125,000 acres, adjacent to a block where Exxon and OMV discovered in February what could be the biggest gas find in the Black Sea. The acreage...
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