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You're reading: Lukoil sets up subsidiary for Bulgarian shelf tender
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Lukoil Overseas, Lukoil’s international upstream operator, is not offering comment on the creation of the new outfit.

Lukoil Overseas President and Lukoil Vice President Andrei Kuzyayev said not too long ago that the company sees great prospects for drilling on Romania’s Black Sea Shelf, and is also looking over the possibility of taking part in Bulgarian and Ukrainian tenders.

The Romanian shelf opening done by ExxonMobil (Romania estimates that deposit’s reserves could run to 42-48 billion cubic meters (bcm) of gas) gives rise to hopes in neighboring Ukraine and Bulgaria for substantial gas prospects. Total of France recently secured the right to develop the block Black Sea block Khan Asparuh off the Bulgarian coast near to the section ExxonMobil worked. The Bulgarian government said that the section might contain not only gas strata, but oil strata as well.

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