AK&M reported LUKOIL Overseas signed the package of documents to complete the sale of its 8% share in offshore hydrocarbon production projects in the Est Rapsodia and Trident exploration blocks in the Romanian sector of the Black Sea to Romgaz. Also Romgaz acquired 2% in this project from Vanco International.
As a result of this transaction Romgaz consolidated 10% in the projects. The current shareholding structure in the projects is as follows: LUKOIL Overseas 72%, Vanco International 18%, Romgaz 10%.
LUKOIL Overseas and Vanco International qualified for the projects following a tender in June 2010. Concessionary agreements for the projects were signed in February 2011 and ratified by the government of Romania in October 2011. The technological environmental impact of the projects was assessed public environmental hearings were conducted and necessary approvals secured from the state and local authorities.
Est Rapsodia and Trident blocks are located offshore in the Black Sea 60 to 100 kilo meter away from the coastline at depths from 90 to 1000 meters. The nearest large city and sea port is Constana. The blocks cover an area of about 2,000 square kilometers. LUKOIL Overseas established a dedicated office in Bucharest to manage these projects.
OJSC LUKOIL is Russia's second largest oil producer. The company's authorized capital is RUB 21,264,081.375. 850,563,255 common outstanding shares at par value of RUB 0.025 are issued. The largest block of the company's shares is owned by its management.
According to the information and retrieval system Data Capital, LUKOIL's net profit for 2011 grew by 73.3% to RUB 242.637 billion. Net profit of LUKOIL for H1 2012 increased by 27% to RUB 269.989 billion from RUB 212.916 billion for H1 2011.
