In June 2014, LUKOIL completed an agreement to acquire a stake in the development project for the Etinde block on the Cameroon shelf to diversify assets in the promising West Africa Region.
|LUKOIL Overseas Etinde Cameroon SARL||Geological exploration (offshore)|
In June 2014, LUKOIL joined the deep-water offshore project in the Etinde block on the Cameroon shelf in West Africa (the deal was closed in March 2015). The block is located in the Gulf of Guinea, offshore Cameroon, in close proximity to the border with Equatorial Guinea. It is developed on the basis of a product-sharing agreement (PSA) signed in December 2008. In July 2014, a 20-year license was obtained for the development of the Etinde block. Previously, thirteen out of fifteen exploration and appraisal wells drilled at the block yielded positive results. In 2015, two more appraisal wells were drilled. Currently, the Company is conducting design and engineering activities at the site and drawing up a development program for the newly discovered gas fields. The final investment decision on the project is expected to be made in 2016.
LUKOIL joined the deep-water offshore project in the Etinde block on the Cameroon shelf in West Africa.
LUKOIL closed the deal to join the project in the Etinde block.