Russian oil company Lukoil recorded losses of USD 371 million in the first nine months of the year, which represented the costs related to the unproductive drilling carried out in the Black Sea.

However, the company discovered in October a deposit estimated at over 30 billion cubic meters of natural gas in the Romanian sector of the Black Sea. This is the equivalent of Romania’s consumption for three years.

The group’s net profit dropped by 60% in the first nine months of the year to USD 2.3 billion. It was affected by the drop in the prices of hydrocarbons, as well as the unproductive drilling costs in the first nine months of the year in Romania, reads the company’s press release.

Lukoil is also one of the top players in the Romanian fuel market. It owns a refinery near Ploiesti and a distribution network in Romania.

editor@romania-insider.com