Lukoil, Vanco Team Up in Black Sea JV

A consortium, consisting of LUKOIL Overseas and Vanco International, has signed concession agreements with the National Agency for Mineral Resources of Romania. The agreements provide for exploration and the development of two blocks, Est Rapsodia and Trident, in the Romanian sector of the Black Sea.

Lukoil will hold an 80% interest in the consortium with Vanco International holding the remaining interest. The two blocks are located in the Black Sea in water depths ranging from 295 to 3,281 feet (90 to 1,000 meters). The total area of the two licenses spans 494,211 acres (2,000 square kilometers). 3D seismic study is required to assess the geological structure of the blocks, stated the consortium.