The project is being implemented by a consortium of investors, which includes LUKOIL Overseas (80%, operator) and Vanco International (20%). The consortium was awarded the right to implement the project as a result of the tender that took place in June 2010. Concession agreements were concluded with Romania's National Agency for Mineral Resources in February of the current year.
Est Rapsodia and Trident blocks are located in the Black Sea with the water depth ranging from 90 to 1000 meters. The distance to the coast line is 60-100 kilometers; the nearest town on the coast is Sulina, located in the Danube Delta. The combined area of the license blocks is about 2,000 square kilometers. 3D seismic acquisition is planned for 2012 to clarify the geological structure of the blocks.
An office of LUKOIL Overseas has been established in Bucharest to manage this project.