Romanian authorities are reviewing major amendments to the Oil Law that could remove Lukoil’s dominant position in the Trident offshore concession in the Black Sea.
Local media report that the government is evaluating options to either return the concession to state ownership or transfer operational control to Romgaz, which currently holds a 12.5% minority stake. The move is part of Romania’s effort to align its regulatory framework with US sanctions on Russian energy firms while remaining compliant with UN and EU obligations.
A draft emergency ordinance issued by the National Agency for Mineral Resources outlines the legal process for Romgaz to acquire Lukoil’s 87.5% interest in the concession. If enacted, Lukoil would lose its role in the exploration and development agreement, with full responsibility shifting to Romanian control.
Government documents suggest officials favor revoking Lukoil’s concession rights entirely and reallocating the stake to Romgaz. However, this approach raises challenges: Lukoil has invested hundreds of millions of dollars over the past fourteen years in exploration, drilling, seismic surveys, and deepwater development. The current draft does not provide a compensation mechanism, increasing the risk of international legal disputes.
The Trident block is considered one of Romania’s most advanced deepwater prospects in the Black Sea. Industry experts caution that removing a long-standing operator without reimbursement could conflict with bilateral investment treaty protections. Nevertheless, Romanian officials maintain that reducing exposure to Russian-controlled assets in strategic sectors is necessary given the current geopolitical and sanctions landscape.
