Russia's biggest independent oil producer OAO Lukoil Holdings (LKOH.RS)
said Thursday the Romanian government has approved a deal to enable it to
explore and develop two offshore blocks in the Black Sea.
"The Government of Romania has ratified concession agreements for
exploration and development of Est Rapsodia and Trident, two blocks in the
Romanian sector of the
Black Sea
,"
Lukoil said in a statement.
Lukoil's subsidiary Lukoil Overseas agreed in February to explore and develop
the two blocks, taking an 80% stake of a consortium developing the blocks, with
Vanco International holds the remaining.
The Est Rapsodia and Trident blocks are located at water depths ranging from 90
meters to 1,000 meters, Lukoil said. The distance to
Romania
's
coastline is between 60 kilometers and 100 kilometers. A 3D seismic study is planned
for 2012.