Report: Romanian Romgaz to Partner Lukoil on Black Sea Exploration

Reuters

BUCHAREST, Nov 20 (Reuters) – Romanian natural gas producer Romgaz will partner Russia's second-largest crude producer Lukoil to dig two exploration wells in two Black Sea blocks next year, a company official was quoted saying on Wednesday.

The government approved a concession agreement in 2011 for the oil exploration and development of the offshore Est Rapsodia and Trident blocks in the Black Sea to Lukoil.

Lukoil has a 72 percent stake in the project, U.S.-based PanAtlantic an 18 percent stake, while Romgaz has held the remaining 10 percent since last year.

"We plan to dig at least two wells," Romgaz development director Radu Gheorghe was quoted as saying by daily Ziarul Financiar.

Earlier this month Romania sold a 15 percent stake in Romgaz, raising 1.7 billion lei in an oversubscribed initial public share offering.

The company has said it could bid or partner international firms to explore other Black Sea blocks.

(Reporting by Ioana Patran; Editing by Luiza Ilie)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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