Lukoil massively cuts investment in Romanian Black Sea perimeter

Russian oil company Lukoil invested only EUR 12.4 million in 2016 in the development of the Trident X perimeter in the Romanian Black Sea continental shelf area, which it explores together with Romgaz. The amount was over 27 times lower than the one reported by Lukoil in 2015 for the offshore perimeters operated in the Romanian Black Sea, reports local Economica.net. This could call into question Lukoil’s willingness to continue the exploration work in the only perimeter it still has in Romania’s offshore area. However, the group reduced its capital expenses in all the perimeters where it carries out exploration works in the attempt to find new hydrocarbon reserves. At a global level, its investments dropped by 3.3% last year compared to 2015. For the offshore perimeter in Romania the reduction was more dramatic. editor@romania-insider.com