Romania mulls over taking over Trident offshore concession from Lukoil

The Romanian government is examining amendments to the Oil Law that would allow the Trident offshore perimeter in the Black Sea, held 87.5% by Lukoil, to return to state ownership or be taken over by project partner Romgaz, which holds the remaining 12.5%, Profit.ro reported. The proposal is being reviewed as Romania aligns with United States sanctions targeting Russian energy interests, although the document indicates Romania’s commitment to UN and EU regulations.

A draft emergency ordinance published by the National Agency for Mineral Resources proposes changes enabling state-owned Romgaz to assume Lukoil’s majority stake in the Trident concession, as a result of the international sanctions against the Russian company. The measure would effectively remove Lukoil as the holder of the exploration and development agreement and reassign operational control to the Romanian company.