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Thursday, June 13, 2013
Lukoil has expanded its position in Cote d’Ivoire with the addition of a 65% stake in an exploration, development, and production project on Block CI-504. The stake in the project was acquired from a private Nigerian company, Taleveras Energy.
Under the deal Taleveras retains a 25% stake, with the remaining 10% being held by Petroci. Lukoil is now the operator of the block.
Block CI-504 is located in close proximity to the producing Baobab field and covers an area of around 400 sq km. It borders Lukoil’s Block CI-205 to the south.
The committed work program includes three periods, the first exploration period calls for the interpretation of historical 2D and 3D seismic data as well as additional 3D seismic acquisition by January 2014. Two other periods covering five years in total provide for the drilling of two exploration wells.
Lukoil already operates offshore exploration projects in the Republic of Cote d’Ivoire on Blocks CI-101 and CI-401 (56.66%), CI-205 (63%), and CI-524 (60%).
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