Lukoil Acquires Eni Operated Offshore Field for U$ 800 Million

Graphic for News Item: Lukoil Acquires Eni Operated Offshore Field for U$ 800 Million

Russian based oil and gas organization Lukoil successfully acquired 25 % interest in the Marine XII license, Offsore Congo from New Age M12 Holdings Limited

LUKOIL said that, it concludes an agreement with New Age M12 Holdings Limited to acquire a 25% interest in the Marine XII license in the Republic of Congo for $800 mln in cash. The transaction is subject to customary conditions, including the approval by the government of the Republic of Congo.

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The Marine XII license covering 571 sq. km is located on the continental shelf of the Republic of Congo, about 20 km from the shore line and with the water depth of 20-90 meters.

Company said, The license covers five discovered fields with expected 1.3 billion barrels of oil equivalent of proved and probable (2P) reserves according to international independent auditor.

Nene and Litchendjili fields were launched in 2015, producing 28 thousand barrels of oil (mainly light and low-sulfur) and gas condensate per day, and 1.7 million cmpd of gas.

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The Marine XII license is based on a production sharing contract. Eni is the project’s operator with a 65% stake. The project also involves the state company Société Nationale des Pétroles du Congo with a 10% stake, company added.

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