Significant natural gas deposit discovered in Black Sea; reserves may exceed 30 bn cubic meters

Significant natural gas deposit discovered in Black Sea; reserves may exceed 30 bn cubic meters

Lukoil, PanAtlantic and Romgaz companies have discovered on the continental shelf of Romania a significant natural gas deposit the reserves of which may exceed 30 billion cubic meters, Romgaz informed in a Wednesday’s release for the Bucharest Stock Exchange.

The works on exploration derrick LIRA 1X, completed in October 2015, led to the discovery of a major natural gas deposit, situated in the Romanian sector of the Black Sea, within the perimeter EX30 Trident.

Since 2011, the geological exploration works on the perimeter EX-30 Trident have been made, as operator, by Lukoil Overseas Atash BV (held 100pct by Lukoil) under the Lease Agreement signed with Romania’s Government.

Currently, Romgaz’s participation share in the Lease Agreement is 10pct, Lukoil holds 72pct and PanAtlantic Petroleum Ltd — 18pct.

“For Romgaz, the partnership in exploring the Black Sea platforms represents a new direction of business development as well as of the deposits portfolio. We are a company with over 100 years’ experience in onshore works, but we are open to the new challenges of offshore works, and we are glad to have partners with expertise in the field,” said Virgil Marius Metea, the CEO of Romgaz Medias. More…