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Lukoil plans to sell stake in Romania's offshore Trident block

Lukoil plans to sell stake in Romania's offshore Trident block

Bucharest, November 17 - Neftegaz.RU. Russian energy corporation Lukoil intends to sell its 87.8% stake in the EX-3-Trident block in Romania's Black Sea offshore area, Bucharest-based media reported quoting the head of Romgaz, which holds a 12.2% stake in the project.

"We received this letter from Lukoil. We will hold a discussion with them, we don't know their reasons yet," Romgaz CEO Adrian Volintiru told local news portal G4Media.

Volintiru did not rule out the possibility that Romgaz hold talks with Lukoil on taking over its stake in the Trident perimeter. According to G4Media, Lukoil has sent a letter announcing its intention to sell its stake to various players in the oil and gas market.

In October 2019, Romania gave Lukoil Overseas Atash. B.V., a Dutch subsidiary of Lukoil, the green light to start drilling the Trident perimeter. The Trident block is being operated by Lukoil and Romgaz. Romanian petroleum and gas drilling company Grup Servicii Petroliere is providing the drilling equipment.

According to seismic data released in 2015 when the two companies made a gas discovery, the area of the EX-30 Trident field can reach up to 39 sq km and reserves can exceed 30 billion cubic metres of gas.

Romanian media reported in February that Romgaz is interested in acquiring a 20% stake in Neptun Deep - the offshore gas project in the Black Sea in which ExxonMobil holds a 50% stake. ExxonMobil Exploration and Production Romania Limited (EMEPRL) and Romania's top oil and gas group OMV Petrom hold 50% each of the deep water sector of the Neptun Block. EMEPRL is the operator.

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