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

28/02/2011 10:00 Oil Market

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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.

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