Re Project in Romania
GOVERNMENT OF ROMANIA RATIFIES CONCESSION AGREEMENTS FOR BLACK SEA PROJECTS EST RAPSODIA AND TRIDENT
The Government of Romania has ratified concession agreements for exploration and development of Est Rapsodia and Trident, two blocks in the Romanian sector of the Black Sea.
The project is implemented by a consortium including LUKOIL Overseas (80%, operator), a 100% subsidiary of OAO LUKOIL, and Vanco International (20%). The consortium was awarded the right to implement the project as a result of the bidding that took place in June 2010. The concession agreements were signed with the National Agency for Mineral Resources of Romania in February of the current year.
The Est Rapsodia and Trident blocks are located in the Black Sea at water depths ranging from 90 to 1,000 meters. The distance to the coastline is 60-100 kilometers, the nearest town on the coast is Sulina, located in the Danube Delta. The total area of the two license blocks is about 2,000 square kilometers. A 3D seismic study is planned for 2012 to assess the geological structure of the blocks.
An office of LUKOIL Overseas has been established in Bucharest to operate the project.