Reuters reported that Russia No 2 oil company, LUKOIL signed a deal with the Mineral Resources Agency in Romania for the exploration and development of two offshore blocks in the Black Sea.

Lukoil owns 80% of the consortium that won the concession to develop the Est Rapsodia and Trident blocks. US based Vanco International owns the remaining 20%.

The total area of the two blocks, 60 kilometers to 100 kilometres off the coast of Romania is 2,000 square kilometres.

(Sourced from Reuters)