Till now, Est Rapsodia and Trident projects have been implemented by a consortium of investors, which included LUKOIL Overseas (80%, operator) and Vanco International (20%). As a result of this transaction, Romgaz has acquired in total 10% in the projects: LUKOIL Overseas and Vanco International assigned 8% and 2 %, respectively. Currently partners in the projects are LUKOIL Overseas (72%), Vanco International (18%) and Romgaz (10%).
LUKOIL Overseas and Vanco International were awarded rights for these projects as a result of the bid round held in June 2010. Concession agreements for the projects were signed in February 2011 and ratified by the Romanian Government in October 2011. Environmental impact assessment was carried out, public environmental hearings were held on the projects and required permits were obtained from state and local authorities.
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 city and port on the coast is Constanta. The total area of the license blocks is about 2,000 square kilometers. An office of LUKOIL Overseas has been established in Bucharest to manage these projects.