Lukoil boosts stake in Amatitlan project in Mexico to 75%

MOSCOW. Oct 18 (Interfax) - Lukoil has boosted its stake in the Amatitlan onshore project in Mexico to 75% from 50%, the company said in a Eurobond prospectus.

Lukoil bought a 25% interest in the project from the company Marak in January 2020, according to the prospectus.

Lukoil began operations in Mexico in July 2015, when the company entered the Amatitlan development project. The 230 square km Amatitlan block is located 68 km from the town of Posa Rica in the state of Veracruz. The operator of the project is Petrolera de Amatitlan SAPI de CV (PdA). The project is being implemented under a service contract for production of hydrocarbons. Produced hydrocarbons are owned by Pemex. The produced oil is delivered by motor transport to the Soledad gathering system, which is 30 km from the Amatitlan block. Operator services for hydrocarbon production are provided on a cost recovery basis.