Romgaz received another 2% from Lukoil’s partner Vanco International. Following the transaction, Lukoil Overseas owns 72% in the Black Sea project, while Vanco International and Romgaz own 18% and 10%, respectively.
The East Rapsodia and Trident blocks are located in the Black Sea where water depths range from 90 to 1,000 meters, and the combined area of the license blocks is about 2,000 square kilometers.
The projects were awarded in 2010 and Lukoil and Vanco signed the concession agreements in 2011. Seismic surveys began in September this year.
Last year, the Russian company said it would invest around $400 million in hydrocarbon prospecting at the two Black Sea blocks, with another $1.5 billion available for further works if discoveries are made.