COMPANIES ECONOMY ENERGY

Lukoil discovers 32 billion cubic metres of natural gas in Romania’s Black Sea EEZ

+ The Russian company is part of a consortium, alongside PanAtlantic Petroleum and Romgaz, that concluded oil lease contracts for two Black Sea blocks – EX29 Est Rapsodia and EX30 Trident

 

Russia’s Lukoil oil group announced that the Lira natural gas deposit located in the Triden Black Sea block leased from Romania authorities as part of a consortium formed alongside America’s PanAtlantic and Romania’s Romgaz, has around 32 billion cubic metres of natural gas. The announcement was made by the Romanian Energy Minister.

According to a communiqué, Energy Minister Victor Grigorescu met Lukoil First Vice President Vladimir I. Nekrasov on Wednesday, April 13, during his working visit to Romania. During their talks, they tackled topics pertaining to Lukoil’s current production and activity, the investments needed for energy efficiency and environment protection, as well as the future development outlook of the Ploiesti-based Lukoil Refinery.

The Russian official also presented a part of the company’s plans in Romania, stressing the continuation of exploration activities within the Lira natural gas deposit located in the Tident Black Sea block, activities carried out in line with the existing lease contract and as part of the consortium that also includes America’s PanAtlantic and Romania’s Romgaz. Based on preliminary assessments, the natural gas reserves discovered so far surpass 32 billion cubic metres, and the research will continue through seismic exploration and new drilling carried out by the exploration well.

The natural gas reserves announced by Lukoil would cover Romania’s entire current consumption for a period of three years. Moreover, the deposit discovered by the consortium led by Lukoil would be the second-largest in Romania’s Black Sea exclusive economic zone (EEZ).

Romgaz, Lukoil Overseas Atash Bv and PanAtlantic Petroleum closed two lease contracts that gave them the right and obligation to carry out oil operations within two Black Sea blocks – EX29 Est Raposodia and EX30 Trident.

Last autumn, Romgaz announced that the works carried out by the LIRA 1X exploration well, completed in October 2015, revealed a significant natural gas deposit located within the EX30 Trident block.

The lease agreement’s participation share is distributed as follows: Romgaz – 10 percent, Lukoil – 72 percent, PanAtlantic Petroleum Ltd. – 18 percent.

In mid-February however, the three companies announced that they decided to give up on exploring the other block leased (EX29 Est Rapsodia).

“In the oil agreement that governs the operations related to the Rapsodia block, the partners carried out all overtures stipulated by the winning offer, under both physical and value-wise aspects. The data and information obtained did not entitle the partners to continue carrying out oil operations as part of an extra stage by adopting a new exploration plan,” Romgaz officials stated.

Lukoil’s announcement strengthens the regional leadership position Romania has consolidated in recent years in the production, transmission and export of natural gas toward EU member states.

 

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