Russia’s Lukoil has announced the discovery of a new gas field off the Romanian coast, reported Penn Energy.

The new discovery is in a deepwater area of the Black Sea—with depths ranging from 300-1,200 meters deep. Reserves are estimated to be nearly 30 bcm of natural gas.

Exploratory drilling was carried out by by Lukoil, with well Lira-1X producing favorable results. The well is at 700 meters deep, and is named for the rock structure being drilled, the Lira formation.

Oil & Gas Journal noted that the project is a consortium composed of Lukoil with 72%, PanAtlantic Petroleum with 18%, and Societatea Nationala de Gaze Naturale Romgaz with 10%.

SNGR is the largest natural gas producer in Romania.