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Lukoil Signs PSA in Cote d’Ivoire
Date: Thursday, October 4, 2012
Lukoil has signed an agreement with the government of Cote d’Ivoire to explore for oil off the West African country's coast. The company said it signed a PSA for Block CI-524. Its subsidiary will hold the block with a 60% interest.
The Russian firm will be partnered with PanAtlantic, formerly Vanco, and Cote d’Ivoire’s state run Petroci.
A promising structure called Barracuda has been discovered within the block according to a Reuters report. The minimum exploration program for the block will be divided into three stages. The first stage covers 18 months and includes processing of the existing 3D seismic data, and over the next two periods with a total duration of six years it is envisage that two exploration wells will be drilled.
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