Monday, February 28, 2011

Romania Signs Oil Exploration Agreements for Eight Blocks



Romania signed oil exploration agreements with seven companies including Audax Resources Ltd., OAO Lukoil and Vanco International for eight blocks in the country, according to the National Agency for Mineral Resources.

The eastern European country completed yesterday the agreements for the onshore and offshore exploration blocks awarded with 12 others last year, the agency said in a statement on its website.

Audax, an Australian minerals and gold explorer, Clara Petroleum Ltd., Universal Premium SA, Ireland-based Moesia Oil and Gas Plc were awarded licenses for five on-shore exploration blocks, while Petro Ventures Europe BV and a venture between Lukoil and Vanco got licenses for three blocks in Romania’s Black Sea waters.

Lukoil, Russia’s second-largest oil producer, said yesterday its venture will seek to identify structures and then hold talks with Romania on drilling terms. A three-dimensional seismic study will be performed to assess the structures of the Est Rapsodia and Trident blocks, which lie in water at depths of 90 meters to 1,000 meters (0.6 mile), according to Grigory Volchek, a spokesman for Lukoil Overseas.

To contact the reporter on this story: Irina Savu in Bucharest at isavu@bloomberg.net.

To contact the editor responsible for this story: James M. Gomez in Prague atjagomez@bloomberg.net

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