Lukoil plans to drill by the end of year two oil wells in Romanian waters of the Black Sea, said the Russian group’s president, Vagit Alekperov, reports Sputnik. Lukoil says that wants to invest 200-300 million dollars in the drilling of the new offshore wells in Romania. Work on the first well started in November.
Overall, Lukoil is ready, in the program for the period 2014-2015, to drill five wells in Romanian waters of the Black Sea, of which three are compulsory and two optional, according to Mediafax. Expenses for exploration and production of Lukoil in Romania increased significantly last year to 189 million dollars from just 7 million dollars in 2013, amid commencement of exploration activities in the Black Sea.
In September last year, Lukoil asked ANRM to approve a six-month extension, until May 2015, for the compulsory exploration phase of a perimeter in the Black Sea, due to delays in bringing a drilling platform from the Gulf of Mexico and to gas accumulations potentially “hazardous” in the drilling area.
The period for of EX-29 East Rhapsody perimeter was established at 5 years after the concession agreement entered into force, respectively 4 November 2011, and is divided into two phases, one mandatory and one optional. In 2011, the government approved two petroleum concession agreements for exploration, development and exploitation in Romanian perimeters of blocks of 1,000 square kilometers in the Black Sea, East Rhapsody and Trident, concluded between NAMR and the association Lukoil Overseas (part of Lukoil Group) – Vanco International.
