Russian oil producer, LUKOIL, has signed an agreement with Côte dIvoire to explore offshore for oil
According to Reuters, LUKOIL's production in Russia has been targetting growth overseas due to the declining output of oilfields in Western Siberia.
LUKOIL announced that it had signed a production sharing agreement on offshore block CI-524 in the Gulf of Guinea. Subsidiary, LUKOIL Overseas, holds a 60 per cent stake in the block, PanAtlantic, formerly Vanco, has 30 per cent and state-owned PETROCI Holding owns 10 per cent.
LUKOIL already has an interest in an adjacent block.
