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. Last Updated: 07/27/2016

Romanian Oil Sought

BUCHAREST () -- A unit of Royal Dutch/Shell Group on Monday said it would start exploration drilling in Romania in 1995, part of $50 million project in the former communist country.

"We plan to start drilling operations on our block in Transylvania in the second half of 1995," said Jean Bernard Siri, general manager of Shell Romania Exploration BV. Siri said his company shared the costs, risks and profits of the project with Nimir Petroleum Company, a private oil company from Saudi Arabia. He did not elaborate on the terms.

Seeking an upturn in oil output, cash-strapped Romania, the only substantial oil producer in Eastern Europe, has offered concessions to foreign firms on 12 onshore areas and three offshore blocks believed to contain hydrocarbons.