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LUKOIL Assumes Operatorship of Three Projects in WA

Source: www.gulfoilandgas.com 5/31/2012, Location: Africa

LUKOIL Overseas (wholly-owned subsidiary of LUKOIL) took over the operatorship of offshore exploration projects CI-101 and CI-401 (Republic of Cote d'Ivoire) and Cape Three Points Deep Water (CTPDW, Republic of Ghana) from Vanco Group.

All of the three blocks are located close to each other on the deepwater continental slope in the Gulf of Guinea. LUKOIL Overseas entered these projects in July, 2006 with a share of 56.66%. Since then 3 deepwater exploration wells were drilled (Dzata and Cheetah prospects) within CTPDW block which discovered a field with hydrocarbon reserves of non-commercial categories. In December 2011 an oil and gas condensate field was discovered in a sandstone pay in a well drilled to the depth of 4,100 meters in water depth of 1,700 meters on CI-401 block (Independance prospect). Current activities include planning of appraisal program for the discovered field, updating of the geological model and preparation of a work program for CI-101 and CTPDW blocks.

Simultaneously with taking over the operatorship, LUKOIL Overseas has also signed an agreement to acquire Vanco Exploration Company (VEX), a service company of Vanco Group.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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