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Lukoil Discover Gas Off Romania Coast

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.

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