Lukoil, Vanco win Black Sea blocks

LUKOIL Overseas and Vanco International are set to jointly explore two blocks in the Romanian sector of the Black Sea.

Offshore staff

MOSCOW -- LUKOIL Overseas and Vanco International are set to jointly explore two blocks in the Romanian sector of the Black Sea.

The duo has signed concession agreements with Romania’s National Agency for Mineral Resources for the Est Rapsodia and Trident blocks. LUKOIL Overseas will have an 80% interest and Vanco International 20%.

Water depths in the blocks range from 90-1,000 m (295-3,281 ft). They are located 60-100 km (37-62 mi) offshore, the nearest coastal town being Sulina, and cover a total area of around 2,000 sq km (772 sq mi).

A 3D seismic study is required to assess the geological structure of the blocks.

LUKOIL Overseas will set up an office in Romania to operate the project. Work commitments include a 3D seismic study to assess the geological structure of the blocks.

02/24/2011

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