Lukoil Overseas and Vanco International to explore two offshore blocks in Romania

28/02/2011 10:00 Oil Market


A consortium, formed by Lukoil Overseas and U.S. Vanco International signed concession agreements with the National Agency for Mineral Resources of Romania. The agreements provide the joint exploration and development of two blocks, Est Rapsodia and Trident, in the Romanian sector of the Black Sea.

The right to implement these projects received by the consortium is the result of a bidding held in the summer of 2010. The Est Rapsodia and Trident blocks are located in the Black Sea at water depths ranging from 90 to 1,000 meters. They are located 60-100 km offshore, near to Sulina town, and cover a total area of around 2,000 sq km. Lukoil Overseas has an 80% stake in the consortium and Vanco International, respectively 20%. The project requires a 3D seismic study to evaluate the geological structure of the blocks. Lukoil Overseas will set up an office in Romania for the project operation.

French nuclear output slumps to multi-year low in May

02/06/2020 08:55:00

French nuclear output hit its lowest point since 2012 in May, falling 22.4% year on year to 24.6 TWh, as power demand remains affected by the coronavirus crisis, preliminary data from TSO RTE data showed on Monday.


Daily (01.06.2020): WTI crude hovered above $35 a barrel on Friday, gaining 6.7% for the week

01/06/2020 11:00:00

Crude oil futures gained ground in the last trading day of the month after the release of the EIA’s report showing a further drop in oil well drilling in the United States. Hence, Brent crude for July delivery rose slightly to $35.33 a barrel, while, the more active August contract settled at $37.84, edging $1.81 higher, or roughly 5%. WTI crude for July delivery settled at $35.49 a barrel, surging $2.24, or 5.3%.


Iberdrola subsidiary secures 62 Siemens Gamesa wind turbines for offshore project in France

01/06/2020 10:33:00

The wind turbines will be installed at Ailes Marines’s facility in France, generating 750 jobs in the process.