Lukoil spent last year in Romania about 343.4 million dollars, up by 81% compared to the previous year, for performing hydrocarbon exploration works, and recorded losses of 410 million dollars from the drilling of unproductive oil wells.

A year ago, the investments of 189.35 million dollars helped the Russian company to discover a gas deposit estimated at 30 billion cubic meters in the Trident concession, located in the Romanian block of the Black Sea. By comparison, Romania consumes every year between 10 and 11 billion cubic meters of gas.

The concession is owned 72% by the Russian company, with PanAtlantic Petroleum and Romgaz as partners. However, the giving up of another block, Rhapsody, meant for Lukoil losses of over 410 million dollars, actually money that were allocated for the drilling of exploration wells that have not found resources worthy of marketing. In the Rhapsody block, the Russian oil group was partner with the same two companies.

The net profit of Lukoil group fell last year by 26% at 4.3 billion dollars, although its production of crude oil increased by 3.6% at 100.7 million tons and sales increased in volume by 4.4%. The crude oil production of the largest private oil group in Russia has advanced thanks to the good evolution of operations in Iraq.