Overlooked development regarding #BlackSea gas

#Lukoil closer to sell its 87.8 % stake in Trident block : official letter sent to Romania's #Romgaz last week, which was notified its decision to exit the Black Sea project.
*Romgaz holds 12 2% stake in the project and its /1

CEO had initially said that the company might be interested to acquire Lukoil's stake in Trident. Subsequently, a totally opposed declaration was reported by media

Trident block's reserves are currently estimated at 30 bcm ; initially, they were estimated at 39 bcm /2

Lukoil was interested in the acquisition of 50% stake in another Black Sea project, Neptune, and it held talks with ExxonMobil. ExxonMobil had announced in Nov 2019

But Lukoil’s possible involvement in Neptun project was considered by Romanian authorities a major national /3

security problem, given that Black Sea gas reserves were regarded (for a while, at least) as an asset that could have reduced the region's dependence on Russian gas.
*But it must be mentioned that the Romanian authorities have been rather slow & incoherent not only in their /4

approach about offshore gas legislation but also when it comes the plans of monetization the Black Sea gas reserves #ONGT

Lukoil hasn't yet given an explanation about the reasons that determined its decision to divest from Trident project. However, this development /5

including the above mentioned letter, came after a well drilled by Saipem in Q1 this year didn't confirm the initial high expectations regarding the perimeter's hydrocarbon reserves.

Also seems that #ExxonMobil intention to pull out from Neptun block is very likely, as /6

#Romgaz, Romanian state controlled gas producer, intends to purchase ExxonMobil's 50% stake in Neptun, according to a plan confirmed by Romanian energy minister.
ExxonMobil investment in Neptun block (42-84 bcm estimated gas reserves) was considered as a strategic one by /7

Romanian authorities. *ExxonMobil most probably interested in hydrocarbon explorations in #EastMed, especially in Glaucus bloc (current estimations : 142-227 bcm).
Also, Poland's PGNiG not interested anymore to acquire some of ExxonMobil's participation in Neptun /8

To sum up :
-Lukoil intends to divest from Trident project in Black Sea, and it sent notification to Romgaz. Also, conflicting declarations about possible acquisition of its 87.8 % stake by Romgaz
-ExxonMobil would most likely pull out of the project : indirect confirmation /9

Romanian authorities. Romgaz to acquire ExxonMobil stake in Neptun project
- In the light of these developments, it seems that Romania's gas production of Black Sea not likely to happen within the few next years, at least. And interesting to see how swiftly #Turkey's plans /10

for #BlackSea gas exploration & production would go ahead, and if/and to which extent would they impact both the Black Sea gas' commercial & strategic landscapes #ONGT

@Cristi15458088, some new fresh cookies (food for thought :)) in the cupboard