Russian oil company Lukoil has acquired 65 per cent stake of Block CI-504 offshore Côte d’Ivoire in West Africa
The stake in the exploration, development and production project was acquired from a private Nigerian company, Taleveras Energy, which will retain 25 per cent shareholder after this deal. The remaining 10 per cent is held by state-owned company, Petroci.
Lukoil Overseas, a wholly-owned subsidiary of Lukoil, will be the operator of the project.
The work programme includes three phases — firstly, the exploration period calls for the interpretation of 2D and 3D seismic data as well as additional 3D seismic acquisition by January 2014.
The second and third phases, covering five years in total, include the drilling of two exploration wells.
Block CI-504 is located in close proximity to the oil producing Baobab Field. The area of the block is 399 sq km, with water depth ranging from 800 metres to 2.1km.
Lukoil already operates offshore oil exploration projects in the Republic of Cote d’Ivoire on Blocks CI-101, CI-401, CI-205 and CI-524.
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