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Lukoil Announces Black Sea Exit

BLACK SEA
OIL & GAS

Lukoil Announces Black Sea Exit

After the US Co. ExxonMobil had announced its intention to sell its 50% stake in Neptun Deep project in the Black Sea, the turn of Russia’s Lukoil came recently to announce that it plans to sell its 87.8% interest in EX-30-Trident block, in the Black Sea. Source: EnergyIndustryReview

Romgaz, which is a partner with the Russian company in this block, has confirmed that it had received a notification in this regard. While OMV Petrom postpones a decision regarding the Black Sea investment, the US Co. Black Sea Oil & Gas is the only one determined to start Black Sea gas exploitation. Gas deposits in the Romanian Black Sea are estimated at around 200 billion cubic meters, according to an estimate by BP.

According to sources in the oil and gas market, the US company ExxonMobil wants to sell its 50% stake in Neptun Deep project for USD 1.2 billion. Several companies had been interested in taking over its stake, including Poland’s PGNiG, and Russia’s Lukoil, but they have both withdrawn.

ExxonMobil requested the National Agency for Mineral Resources to extend the deadline for submission of the geological research report for 2021, in conditions in which it had to be handed over in this period. Based on this report, a final research report is prepared and then it moves to the next stage, of field development. Investments made so far in Neptun Deep Block by OMV Petrom – ExxonMobil amount to around USD 1.5 billion, according to public information.

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