Lukoil plans to commercialize reserves in Cameroon by year's end
BUDYONNOVSK. June 25 (Interfax) - Lukoil hopes to commercialize reserves in Cameroon by the end of this year.
"In Cameroon we need to drill one more exploration well. There are already commercial reserves. We will commercialize them, probably at the end of this year. One more exploration well and the development plan, which is supposed to be approved by the government of Cameroon, will be prepared," the president of the Russian oil company, Vagit Alekperov told reporters.
"There is also a separate project there - liquefied gas, a gas program. We're not considering it yet," Alekperov said.
Lukoil closed a deal in March to acquire a stake in the project to develop the Etinde block off the coast of Cameroon in the Gulf of Guinea, in Western Africa. The Etinde project is being implemented on the basis of a production sharing agreement signed on December 22, 2008. The shareholders in the project are Lukoil with 30%, New Age (African Global Energy) Ltd with 30% (operator), Bowleven Plc with 20% and Cameroon state company Societe Nationale des Hydrocarbures with 20%. The 20-year development license to Etinde was issued on July 29, 2014. The deal is worth $250 million.