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


 - UKCS Oil, Gas Extraction Drops 10% Y-o-Y (Dec 8)
 - CNOOC Cutbacks at Long Lake Oil Sands Site Caps Years of Trouble (Jul 14)
 - Sources: Nexen Issues Force Majeure for May Canadian Crude (May 12)
 Company: Pioneer Natural Resourcesmore info
 - U.S. Shale Firms Go Back To Work Buoyed By OPEC Deal, Trump Victory (Nov 14)
 - Pioneer Natural Resources CEO Doubts OPEC Will Reach Output Deal (Nov 2)
 - Shale Oil Firms Hedge 2017 Prices in 'Droves' After OPEC Rally (Oct 3)
 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 Beats Profit Estimates As Cost Cuts Pay Off (Feb 14)
 - E&P Companies Target Potential of STACK, SCOOP Plays (Aug 25)
 - US Frackers Surprise Themselves As Tweaks Keep Adding Barrels (Aug 3)
 Company: Noble Energymore info


 - Noble to Lay Off Workers Following Clayton Williams Acquisition (Mar 13)
 - Deal Of The Month: Noble Invests $3.75 Billion Into Leviathan (Feb 28)
 - Noble Buys Clayton Williams for $2.7 Billion to Grow in Permian (Jan 16)
 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
 - Cote d'Ivoire Approves Ophir's Acquisition of 45% Stake in Block CI-513 (Mar 11)
 - Workers At Ivory Coast's State Oil Company Petroci Extend Strike (Feb 5)
 - Masirah Oil Raises Nearly $13M to Fund Drilling Activities Offshore Oman (Nov 16)
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
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Account Manager - Levelland/Lubbock, TX Area
Expertise: Business Development|Production Operator
Location: Lubbock, tx
 
Project Coordinator, Pipeline Construction
Expertise: Project Management
Location: Spring, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours