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Lukoil & Vanco take 2 Romanian Black Sea blocks
(7/6/2010 - OGI: Moscow) Lukoil Holdings has won a tender in partnership with Vanco International to develop two offshore concessions in the Romanian sector of the Black Sea.
Lukoil revealed today that it was successful in its bids for both the Est Rapsodia and Trident Blocks which, together, encompass an area of approximately 2,000 sq km between 60 and 100 km off the Romanian coast in waters ranging in depth from 90 to 1,000 meters.
The award of the two blocks was made by Romania's National Mineral Resources Agency. The concession agreements are to be signed in February 2011 and will provide 30-year terms for exploration and development, although the period may be shortened or even terminated after the completion of seismic surveys if those surveys indicate the absence of hydrocarbon deposits.
Lukoil and Vanco intend to commence geophysical surveys over the two blocks soon. Lukoil said these surveys could last from three to ten years. It is the designated operator of the Est Rapsodia and Trident Blocks with 80% interest, with Vanco holding the remaining 20%.
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