Romgaz warns it could lose the Trident Black Sea concession, stalled by sanctions against Lukoil

State-controlled Romgaz warns that it risks losing the natural gas concession for the offshore EX-30 Trident block in the Black Sea. The information appears in the base prospectus for the company's eurobond programme, in the version dated 30 October 2026, reported by Profit.ro on 3 November.

What the prospectus says. According to the document, the National Agency for Mineral Resources, Petroleum and CO2 Geological Storage (ANRMPSG) "has not approved the extension of the current appraisal phase". Because of the sanctions, operations were suspended and the operator could not drill and test the appraisal well, so the mandatory minimum work programme was not carried out. "Consequently, the issuer is exposed to the risk of losing the concession contract," the prospectus states. The contract had not been terminated as of the date of the document.

The figures. Lukoil Overseas Atash BV, a subsidiary of the Russian group, holds 87.8% of the rights and operates the block; Romgaz holds 12.2%. Investments in the Trident block stood at 101.5 million lei on 30 June 2026, according to the prospectus cited by Profit.ro. The block lies in Romania's exclusive economic zone, about 170 km offshore.

Background. US and UK sanctions against Lukoil were imposed in October 2025. In February 2026, Lukoil Overseas Atash BV invoked force majeure towards the Romanian state and filed a case at the Bucharest Tribunal, naming Romgaz and the mineral resources agency as defendants. In July, Lukoil confirmed that it had requested an extension of the agreement and that it was negotiating the sale of its international assets to a US investment fund, according to Economica.net and G4Media. The company said at the time that it had invested about 630 million dollars in developing the project.

What comes next. The prospectus gives no deadline for a decision on the future of the concession. In December 2025, the government amended Petroleum Law No. 230/2004 by ordinance to clarify how international sanctions apply and the situation of petroleum agreements with several holders.

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