Lukoil exits Rapsodia shelf project in Romania; extends geological exploration work at Trident
MOSCOW. May 5 (Interfax) - Lukoil withdrew from the Est Rapsodia (EX-29) oil exploration and production project on Romania's Black Sea shelf last year, a source at the company told Interfax.
At a second shelf block, Trident (EX-30), Lukoil has received permission to extend the geological exploration period until May 2018, the source said.
Three wells were drilled at the properties in 2014-2015, one at Est Rapsodia and two at Trident. In October 2015, the Lira-IX exploration well, drilled jointly by Lukoil and partners, discovered a gas field at Trident that seismic data indicates may cover 39 square kilometers.
Lukoil is currently reassessing the resource base for the entire block and calculating the economic parameters as it prepares a data sheet for investment projects.
A Lukoil representative told Interfax previously that the plan of operations for 2017 includes an expanded analysis of the whole core from Lira-IX, geological and geophysical study of the reservoir formation, updating of the geological model and refinement of the resource base. In parallel, the issue of where and when to drill an exploration well will be decided.
Reserves at the field may reach 30 billion cubic meters of gas.
Lukoil planned to drill one-two wells at the Black Sea blocks in 2016. It also examined opportunities to combine efforts with ExxonMobil, which is developing a neighboring field.
Est Rapsodia and Trident are located in the Black Sea at water depths ranging from 90 to 1,000 meters and 60-100 kilometers from shore. The nearest city and port is Constanta.
Lukoil (the project operator) has a 72% interest, U.S. PanAtlantic has 18% and Romanian national gas company Romgaz has 10%.