US petroleum company Forest Oil will be leaving Romania this year, dropping its exploration operations in the East-Central Carpathians, sources close to the company told Ziarul Financiar. "Forest entered the Romanian market in 1999 and has since invested approximately 7-8 million dollars in its three blocks in the East-Central Carpathians," the sources said. The American company made the strategic decision to withdraw from Romania after having failed to find natural gas or petroleum reserves and begin drilling. Forest Oil performed exploration works on all three blocks and drilled close to Focsani last year, but its efforts met with no success. "Forest Oil has notified the National Authority for Mineral Resources of its decision and the three blocks will revert to the state, which may re-offer them to other investors through future tenders," the sources added. ZF
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