Russia’s Lukoil, Romgaz may stop Romanian block development

MOSCOW, Feb 17 (PRIME) -- Romania’s Romgaz, Russian oil major Lukoil and PanAtlantic Petroleum plan to stop developing the EX29 Est Rapsodia Block on the Romanian shelf after geological exploration works at the site, Romgaz said Wednesday.

“Following solid analysis, the partners have decided to notify the National Agency of Mineral Resources about their intention to cease petroleum operations within Rapsodia Block,” Romgaz said.

Lukoil declined to comment.

In 2011, a consortium with participation of Lukoil Overseas signed an agreement with Romania’s National Agency for Mineral Resources for exploration and development of two blocks at the country’s Black Sea shelf -- Est Rapsodia and Trident.

End