On November 12, according to some sources familiar with the matter, Vantage Drilling (USA) canceled a drilling contract scheduled to be carried out next year with Russian oil and gas giant Lukoil, to explore the Trident gas field in the Black Sea, in Romania's exclusive economic zone.
This move is the latest sign that Lukoil's overseas energy empire is shaking significantly under the weight of US and UK sanctions. The contract cancellation came just days after the Russian corporation declared it force majeure at the oil field in Iraq - Lukoil's most important foreign asset.
Vantage Drilling previously announced on October 19 that the 260-day drilling contract for the platinum Explorer had been terminated, but did not disclose the location or partner.
The company later declined to comment directly on the contract information related to Lukoil, only saying, "Vantage has terminated the contract because the current sanctions make the implementation illegal".
The sanctions were imposed by the UK on October 16, targeting Lukoil and Rosneft - Russia's two largest oil and gas groups.
Meanwhile, Lukoil did not respond to the request for comment.
Lukoil currently owns an 85% stake in two Black Sea oil and gas projects, Trident and Est Rapsodia, a joint venture with Romgaz - a state gas company in Romania, holding the remaining 15%.
After a 6-year hiatus, Lukoil has planned to resume exploration drilling operations in 2026.
The Trident field, which Lukoil claimed in 2015 could contain at least 30 billion cubic meters of gas, is one of the Black Sea's key discoveries. Major energy groups such as Shell and OMV are also looking to exploit the region to make up for the lost Russian gas supply with the EU's domestic product.
