Russian oil & gas company Lukoil’s exploration and production expenditures in Romania increased to EUR 76 million in the first nine months of the year from EUR 3.2 million in the same period last year, according to a report recently released by the Russian company.

"Internationally, we increased the expenditures for the Shah-Deniz project in Azerbaijan and started our exploration activities in our new projects in Romania and Ghana," reads the report. In October 2011, the Romanian Government approved two petroleum concession agreements for the exploration, development and exploitation of 1,000 sq.km perimeters in Romania’s Black Sea.

Agreements were concluded between the National Mineral Resources Regulatory Agency (ANRM) and the joint-venture Lukoil Overseas- Vanco International.

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