Lukoil Closes Offshore Cameroon Deal

Russia's Lukoil announced Tuesday that it has closed a deal that will see it take part in the development of the Etinde block in the Gulf of Guinea, offshore the Republic of Cameroon.

The deal was originally agreed in June last year and since then Lukoil has obtained approval from the Cameroon Ministry of Mines and Energy and received a Presidential Decree giving the go-ahead for the transaction.

The Etinde project is being executed under a production sharing agreement signed in December 2008. The project partners include operator New Age (African Global Energy), which has a 30-percent stake, Lukoil (30 percent), Bowleven (20 percent) and Société Nationale des Hydrocarbures (20 percent).

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