Romania: Lukoil, Vanco get Black Sea blocks

By OGJ editors
HOUSTON, Feb. 24 – A combine of Lukoil Overseas and Vanco International, Houston, has signed concession agreements with Romania’s National Agency for Mineral Resources of Romania to explore the Est Rapsodia and Trident shelf and deepwater blocks in the Black Sea off Romania.

The blocks cover a combined 2,000 sq km in 90-1,000 m of water 60-100 km off Sulina. The right to implement these projects was obtained by the consortium as a result of bidding held in the summer of 2010. A 3D seismic study is required to assess the geological structure of the blocks.

The companies bid on the blocks in mid-2010. Interests are Lukoil Overseas 80% and Vanco 20%. Lukoil Overseas will open an office in Romania to operate the project.