Lukoil will continue exploration work in the Trident area, located in the Black Sea, conveyed Lukoil First Vice President Vladimir Nekrasov, in a meeting with Energy Minister Victor Grigorescu. Preliminary assessments indicate gas deposits in the area exceeding 32 billion cubic meters.

Energy Minister Victor Grigorescu met, Wednesday, with Vladimir Nekrasov, First Vice Chairman of Lukoil, which is in a working visit to Romania. The discussions addressed topics related to production and daily operations of Lukoil, the investment required for energy efficiency and environmental work, and the prospects for future development of Lukoil refinery in Ploiești, according to a release issued by Ministry of Energy.

The Russian official presented a part of the company’s future programs in Romania, saying that the company will invest 50 million dollars this year and 160 million dollars in 2017.

In turn, Victor Grigorescu presented the actions taken by the Ministry of Energy on updating the Energy Strategy of Romania and pointed out the attention granted to evaluating energy resources, in which an important role may be played by potential hydrocarbon reserves in the Black Sea, reads the release.

Romgaz, Lukoil Overseas Atash Bv and PanAtlantic Petroleum concluded two concession contracts through which have acquired rights and obligations to exercise operations in two oil blocks in the Black Sea, EX29 Est Rapsodia and EX30 Trident.