Lukoil Discover Gas Off Romania Coast
- New Europe Investor
- October 15, 2015
Russian energy giant, Lukoil have made a significant gas discovery in the Black Sea off the coast of Romania.
According to the company, the gas is at a water depth of 300 to 1,200 metres.
Lukoil had a concession agreement with Romania dating back to 2011 and there are plans to drill an exploration well to get a better understanding of the seismic data next year. This will give Lukoil a more accurate indication of the size of the discovery.
Initial reports suggest that reserves could exceed 30 billion cubic metres over a 39 square km area.
Lukoil have a majority share in the project of 72%. The remaining 28% is shared between PanAtlantic Petroleum Ltd (18%), and Societatea Nationale de Gaze Narurale Romgaz SA (10%).
Moscow based Lukoil was founded in 1991 and is Russia’s second largest energy company.