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. 

Government documents indicate that the preferred scenario is to annul Lukoil’s status as concessionaire and transfer its full stake to Romgaz.

The approach raises legal and financial risks for Romania, as Lukoil has invested substantial sums in the project over the past fourteen years. No compensation mechanism is currently outlined in the draft ordinance, prompting concerns over potential international litigation.

The Trident perimeter has been one of the more advanced deepwater exploration projects in Romania’s sector of the Black Sea. Lukoil has reported cumulative expenses of several hundred million dollars for exploration activities, including seismic surveys and drilling operations undertaken since it secured the concession. Industry analysts note that the absence of a reimbursement or buyout framework may be challenged under bilateral investment treaties.

Authorities argue that legislative adjustments are required to ensure compliance with Western sanctions regimes and to reduce exposure to Russian-controlled assets in strategic sectors. The government has not yet detailed how Romgaz would finance the takeover or how the shift in ownership would affect future development plans in the perimeter.

The draft ordinance remains under interministerial review, with further amendments expected before it is submitted to the cabinet for approval.

iulian@romania-insider.com

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