Lukoil and Romgaz start exploration campaign in Black Sea

Russian oil company Lukoil and Romanian gas producer Romgaz will drill several exploration wells in the Black Sea Trident perimeter. Three years ago, the companies running this offshore perimeter announced an important gas discovery, estimated at some 30 billion cubic meters. If confirmed, this discovery could cover Romania’s whole gas consumption for about three years. Lukoil Overseas, a subsidiary of the Russian group, has asked for environment permits to drill three wells in the Trident perimeter, local Economica.net reported. This would be the biggest such operation after the gas discovery was announced three years ago. In the meantime, only seismic prospecting was performed in the area. However, exploration wells are a more efficient tool to assess the viability of the gas discovery. Lukoil holds a stake of 87.8% in this operation with Romanian Romgaz holding the remaining 12.2%. Exxon and OMV Petrom as well as U.S. group Carlyle also have offshore gas operations in the Black Sea. However, neither of these groups have decided if they start commercial operations and the offshore law is still under debate. editor@romania-insider.com