A Lukoil Overseas-led consortium is to explore and develop two blocks off Romania under an agreement signed with the National Agency for Mineral Resources of Romania.
The Est Rapsodia and Trident blocks are situated in the Romanian sector of the Black Sea, 60km to 100km away from the coastline in water depth ranging from 90m to 1,000m.
The combined area of the licence blocks is about 2,000km² and the consortium plans 3D-seismic acquisition to clarify the geological structure of the blocks.
The consortium was awarded the right to implement the projects based on a tender that took place in 2010.
Lukoil Overseas also plans to set up an office in Romania to manage the projects.
The consortium comprises Lukoil Overseas holding 80% interest and Vanco International with the remaining 20% interest.