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March 4, 2021
BUSINESS

Black Sea oil: Lukoil asks for extension of exploration allowance

Mineral Resources Agency (ANRM)to grant an extension by six months, until May2015, of the mandatory exploration phase fora perimeter in the Black Sea, because of delayswith the brining of a drilling rig from the Gulfof Mexico and accumulation of ‘potentiallyhazardous’ gas in the drilling area.The beginning of drilling in the EX-29 EstRapsodia perimeter, a concession of LukoilOverseas, part of Lukoil Group, was scheduledfor October 1, but now has to be postponedbecause of ‘complications’ such as the longtime needed for preparing an oil rig to crossthrough the Bosporus Strait and then be reassembledin Constanta Port, according to therecitals to a draft Government Decision writtenby ANRM.The company has also identified a shallow,potentially dangerous gas accumulation, forwhich reason the initial location had to bechanged and the building project documentationhad to be altered.The exploration period was set for fiveyears after the entry into force of the concessionagreement – November 4, 2011, and issplit into two phases – a compulsory and a facultativeone.The works will nonetheless commencebefore November 4, the date when the firstcompulsory phase in the concession agreementexpires, reads the recitals to the draft normativeact.According to the concession agreement,the mandatory schedule of works for the firstphase of the exploration period spans 36months: November 4, 2011 to November 4,2014.In 2012, Romgaz Medias received 10 percent of the named perimeter and in 2013PanAtlantic Petroleum took over 18 per cent.Lukoil Overseas now holds 72 per cent of theconcession.

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