Lukoil spends USD 189 mln on exploration, production in Romania

Russian oil group Lukoil spent in Romania last year USD 189 million (EUR 169 mln) for exploration and production, compared to only USD 7 million (EUR 6.29 mln) in 2013. The increase was due to the start of Black Sea exploration activities, reports local Mediafax. In September last year, Lukoil asked the National Agency for Mineral Resources (ANRM) to postpone for another six months, until May 2015, the mandatory exploration phase of a perimeter in the Black Sea. In 2011, the Government approved two concession agreements between ANRM and the joint venture of Lukoil Overseas - Vanco International for the exploration, development and exploitation of oil in some 1,000 square kilometers perimeters in the Black Sea. editor@romania-insider.com