July 6, 2010 / 1:02 PM / 7 years ago

UPDATE 1-LUKOIL to explore Romania's Black Sea

* LUKOIL and U.S.-based Vanco form consortium

* Companies win tender to explore two offshore blocks

(Adds details)

MOSCOW, July 6 (Reuters) - Russia’s No. 2 oil firm, LUKOIL (LKOH.MM), in partnership with U.S.-based Vanco International won a tender to explore and develop two offshore blocks on Romania’s portion of the Black Sea, the company said Friday.

The two blocks, Est Rapsodia and Trident, are 60-100 kilometres from the coast.

LUKOIL Overseas, LUKOIL’s international arm, which has an 80 percent share in the consortium with Vanco International, will sign a concession agreement with Romania’s Mineral Resources Agency within the next six months.

LUKOIL has an experience in off shore drilling as it is developing fields in the Caspian Sea.

Last month another major Black Sea offshore exploration project was inked in Moscow between Chevron (CVX.N) and Russia’s state-owned Rosneft (ROSN.MM) with the former committing $1 billion in initial exploration investment [ID:nLDE65G1YJ].

Writing by Jessica Bachman

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