Moldova seizes back oil & gas resources in bold move
In a decisive move, the Moldovan government asserted state ownership of crucial oil and gas deposits in the southern regions of Cantemir and Cahul.
The lawmakers unanimously approved a bill in two readings, reclaiming control of the "Victorovca" natural gas deposit and the "Valeni" oil field.
This action follows the termination of a prior lease agreement with American company "Redeco" L.T.D., subsequently acquired by "Valiexchimp." The legislation stipulates the transfer of all property rights associated with extraction infrastructure, equipment, and materials to the Public Property Agency, thereby establishing a robust state-owned operational base.
Responsibility for managing the deposits' exploitation will be entrusted to "EHGeoM," the State Enterprise Hydro-Geological Expedition of Moldova. This move strengthens the government's ability to oversee resource utilisation and implement best practices.
Further bolstering transparency and accountability, the bill mandates "Valiexchimp" to submit comprehensive geological and technical documentation, well logs, and operational reports to the Ministry of Environment's Agency for Geology and Mineral Resources. This ensures rigorous monitoring of environmental impact and resource management.
The decision to reclaim state control stems from a comprehensive Parliamentary inquiry committee investigation. The committee's findings, highlighting irregularities in past resource utilisation and potential environmental concerns, prompted recommendations for state ownership and temporary government administration of the extraction process.
Translation by Iurie Tataru
