Lukoil Signs Deal for West African Project

Lukoil Overseas has signed an agreement to acquire 63% interest in the exploration, development, and production project on the deepwater block CI-205 offshore Cote d'Ivoire from Oranto Petroleum International Ltd., a private Nigerian company.

Preconditions for the completion of the deal include the customary approval of the appropriate government authorities of Cote d’Ivoire and the appointment of Lukoil Overseas the operator of the project.

Currently, the project is the subject of a production sharing agreement between the Republic of Cote d'Ivoire, represented by the Ministry of Mines and Energy and the Ministry of Economy and Finance, and the consortium of Oranto Petroleum International Ltd. (90%) and the National Petroleum Co. of Cote d`Ivoire, PETROCI Holding (10%).

Block Cl-205 is located in the Gulf of Guinea. It is assigned to the Tano Basin with proven oil and gas potential and lies 15 kilometers from the recently discovered Baobab oil field, the largest in Cote d'Ivoire. The size of the block is 2,600 square kilometers. Distance to shore is approximately 100 kilometers.

The PSA was signed in July 2001. Over the past 5 years 2,400 square kilometers of 3D seismic and 4,900 line kilometers of 2D seismic were acquired. The exploration period is split into three phases with combined duration of 7 years. Presently, the project is in the second exploration phase, which requires the consortium to drill an exploration well.

Upon a discovery of hydrocarbons, the block's development period will be 25 years with a possible extension for an additional 10 years.

The national petroleum company Societe Nationale d’Operations Petrolieres de la Cote d’Ivoire (PETROCI Holding) is wholly owned by the Cote d'Ivoire government. The holding company includes PETROCI Exploration-Production, the upstream arm, PETROCI Gaz, the gas distribution grid, and PETROCI Industrie-Services, the petroleum services company. Average production is approximately 100,000 barrels per day, nearly two-thirds of which come from the Baobab field.

Oranto Petroleum Ltd. (Nigeria) is a subsidiary of Atlas Petroleum International Ltd. It is currently working on 10 blocks in Nigeria, Equatorial Guinea, and Republic of Cote d'Ivoire. Its production exceeds 10,000 barrels of oil per day. Atlas specializes in the development of offshore oil fields. The company's main partners are TransAtlantic Petroleum, Devon Energy, Noble Energy, Pioneer Natural Resources, Nexen, and Roc Oil.

Related Companies
 Company: Lukoilmore info


 - Lukoil Finds Oil at Iraq Well (Feb 22)
 - Lukoil: CEO, VP Sell $34 Million Worth Of Shares (Dec 30)
 - Sources: Russia's Lukoil Appoints New VP For Sales And Supplies (Dec 27)
 Company: Nexen, Inc.more info


 - Alberta Regulators Charge Nexen Energy Over 2015 Pipeline Spill (Jul 6)
 - Cenovus Drops Most Ever as $13.3 Billion Deal Ramps Up Risks (Mar 30)
 - UKCS Oil, Gas Extraction Drops 10% (Dec 8)
 Company: Pioneer Natural Resourcesmore info
 - US Oil Drillers Cut Rigs for First Week Since January - Baker Hughes (Jun 30)
 - Kemp: US Shale Producers Are Drilling Themselves into a Hole (Jun 30)
 - Shale Drillers Are Outspending the World With $84 Billion Spree (May 9)
 Company: Roc Oilmore info
 - SapuraKencana Clinches $72M of Work in Malaysia, India & Cote d'Ivoire (Dec 8)
 - Faroe Completes Roc Oil Acquisition (Nov 6)
 - ROC Fails to Find Hydrocarbons at QK12-3-1D Well in China's Bohai Bay Basin (Oct 20)
 Company: Atlas Petroleummore info
 - Noble, Partners Test Positive at Diega Discovery (Aug 29)
 - Atlas to Sidetrack REB3 Well Offshore Tunisia (Aug 19)
 - Noble Successful at Diega Offshore Equatorial Guinea (Jul 15)
 Company: Devon Energymore info
 - Devon Energy Plans To Divest $1B Assets; Profit Beats (May 2)
 - Devon Energy Beats Profit Estimates As Cost Cuts Pay Off (Feb 14)
 - E&P Companies Target Potential of STACK, SCOOP Plays (Aug 25)
 Company: Noble Energymore info


 - Deal Of The Month: Noble Energy Marches Out of Marcellus in Full $1.9B Exit (May 31)
 - Noble Energy To Sell 50% Stake In Cone Gathering (May 18)
 - Noble Energy To Sell Marcellus Gas Assets For $1.23B (May 2)
 Company: TransAtlantic Petroleum more info
 - TransAtlantic Adds Member to Board (Feb 10)
 - TransAtlantic to Sell Oilfield Services Business (Feb 28)
 - TransAtlantic Resumes Ops at Selmo Field (Nov 28)
 Company: Societe Nationale d’Operations Petrolieres de la Cmore info
 - Statement: Workers at Ivory Coast's Petroci Go On Strike (Jun 29)
 - Singapore-listed Rex International Holding Ups Stake in Oman's Masirah Oil (Mar 17)
 - Cote d'Ivoire Approves Ophir's Acquisition of 45% Stake in Block CI-513 (Mar 11)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Load Planner/ Dispatcher Frac Sand
Expertise: Dispatcher|Project Management
Location: Mansfield, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours