Russia’s Lukoil buys 65% stake in Ivory Coast offshore upstream project

By bne IntelliNews June 11, 2013

Lukoil, Russia’s largest private oil company, has bought a 65% stake in a new offshore upstream project in Ivory Coast, the company said in a statement. The seller of the stake is Taleveras Energy, a private Nigerian company, which will retain a 25% stake in the project. Financial details about the deal were not disclosed. The remaining 10% in the project are held by Ivory Coast’s state-owned oil company PETROCI Holding.

Lukoil Overseas, a wholly-owned subsidiary of Lukoil, will be the operator of the project, which includes the exploration, development and production on block CI-504 offshore Ivory Coast in the Gulf of Guinea. The block is located close to the producing Baobab field. It covers an area of 399 sq km with water depth ranging from 800 to 2,100 meters. Lukoil plans to drill two exploration wells by 2019.

Lukoil is already present in Ivory Coast, operating four other blocks, including CI-205 (owns stake of 63%), which is adjacent to CI-504, CI-101 (56.66%), CI-401 (56.66%), and CI-524 (60%).

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