Russian oil group Lukoil plans to drill two oil wells in the Romanian waters of the Black Sea by the end of this year, said the group’s president Vagit Alekperov.

The company plans to invest USD 200-300 million in drilling the two new offshore wells, reports local Mediafax. The work on the first well has already begun in November last year.

Lukoil is prepared to drill five wells in the Romanian Black Sea, according to its 2014-2015 program, three of which are mandatory and two are optional.

The group’s exploration and production expenditure in Romania increased from USD 7 million in 2013 to USD 189 million in 2014, as it kicked off its exploration activities in the Black Sea. Lukoil considers Romania a promising area, together with Iraq, Uzbekistan, and the Caspian region.

editor@romania-insider.com