Russia's Lukoil reported Tuesday that it has farmed into the Block CI-504 exploration, development and production project offshore Cote d'Ivoire.
Lukoil said it has acquired a 65-percent stake in the project from Nigerian firm Taleveras Energy, which will still retain 25 percent itself. The remain 10-percent of the project is held by state oil company Petroci.
Lukoil noted that Block CI-504 is located in close proximity to the producing Baobab field. It covers an area of 153 square miles and water depths range between 2,625 feet and 6,890 feet. The block also borders Block CI-205 to the south, which is already operated by Lukoil/
Lukoil said the new license will see it commit to three work periods, the first of which calls for the interpretation of historical 2D and 3D seismic data as well as additional 3D seismic data acquisition by January 2014. Two other five-year periods will provide for the drilling of two exploration wells.
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