Arm twisting going on and pressure to let the National Company in on licenses already awarded?


Romania: Romgaz assigned 10% stake in Black Sea projects by LUKOIL and Vanco

25 Nov 2012

Photo - see caption
Est Rapsodia and Trident blocks (in yellow) (Source: PanAtlantic)

LUKOIL said Friday it has signed a deal to reassign an 8% share in two blocks in the Romanian sector of the Black Sea to Romania's national gas company Romgaz. Romgaz received a further 2% stake from LUKOIL's partner Vanco International, LUKOIL said in a statement. LUKOIL will now have a 72% stake in the project, while Vanco will have 18% and Romgaz 10%. LUKOIL did not provide an explanation for the stake reassignment.


LUKOIL and Vanco won bids on the Est Rapsodia and Trident blocks in 2010 and signed concession agreements with the Romanian government in 2011. The blocks are located in the Black Sea where water depths range from 90 to 1000 meters. The distance to the coastline is 60-100 kms; the nearest big city and port on the coast is Constanta. The combined area of the license blocks is about 2,000 sq kms. LUKOIL announced the acquisition of a 3D seismic survey on the blocks in May 2012. Seismic operations were carried out by geophysical services provider CGGVeritas.


See related article: LUKOIL Overseas begins seismic survey on Black Sea blocks


The blocks were offered as part of Romania's 10th Licensing Round which was launched on 3 September 2009. The licensing round included 30 exploration blocks, with 12 located on the western border with Hungary and Serbia, seven onshore the eastern side and the remaining 11 offshore in the Black Sea. The bid closing date was 30 December 2009. For full details, see energy-pedia opportunities our 'premium content service which includes details of all licensing rounds worldwide.