Romanian Romgaz, Lukoil give up oil perimeter in the Black Sea

Romanian gas producer Romgaz, together with its partners Lukoil and PanAtlantic Petroleum, plan to withdraw from the offshore oil and gas exploration EX29 EST Rapsodia in the Black Sea, after the exploration failed to provide results, according to an announcement by Romgaz. Romgaz, Lukoil Overseas Atash Bv, and PanAtlantic Petroleum concluded two concession contracts for carrying out operations in two oil blocks in the Black Sea, namely EX29 Est Rapsodia and EX30 Trident. The three companies will continue the work in the Trident perimeter, where the first exploration drills have led to an important gas discovery. The gas resources in this block are estimated at 30 billion cubic meters, according to preliminary results announced last year. editor@romania-insider.com