Lukoil, Vanco To Explore Two Offshore Blocks In Romania

Russian Lukoil and US Vanco International have signed two concession agreements with Romania’s Mineral Resources Agency ANRM, for the exploration and development of two blocks in the Romanian sector of the Black Sea.

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Lukoil will control 80% of the project, while Vanco remains with a 20%, the Russian giant said in a statement Thursday.

The right to implement these projects was obtained by the consortium as a result of a bid held in the summer of 2010, the statement says.

The Est Rapsodia and Trident blocks are located in the Black Sea at water depths ranging from 90 to 1,000 meters, at 60-100 kilometers from the coastline.

The total area of the two license blocks is of about 2,000 square kilometers.

Lukoil said it will open an office in Romania, to operate the project.

In Romania, the Russian company owns Petrotel refinery in the southern city of Ploiesti and a network of over 300 filling stations.

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