RomaniaRomania last week won a key victory in a border case with Ukraine that could see the impoverished Balkan state enjoy an oil and gas windfall.
The two countries had been at loggerheads over the issue of their maritime border in the Black Sea. Romania took its case to the UN's International Court of Justice in 2004 after long-running bilateral attempts to reach a settlement failed. The impasse meant that two of the poorer countries in the region were unable to sign deals with large oil and gas companies to exploit the resources.
Ukraine over a barrel
The decision handed down last Tuesday means that Romania will have economic rights over 9,700 square kilometres of the Black Sea or 79.34 per cent of the disputed area. Estimates of the oil and gas wealth at the bottom of Romania's section of the Black Sea vary wildly but a consensus figure appears to be around 70 billion cubic metres of gas and 12 million tonnes of oil. According to analysts, once tapped the oil and gas should last around five years.
Oil’s well that ends well
Both parties said they were happy with the International Court of Justice's verdict. Romania and Ukraine agreed in advance to abide by the court's decision, which is not subject to appeal.