Lukoil eyeing entry into new projects in Congo as operator

BRAZZAVILLE. March 17 (Interfax) - Lukoil is discussing its entry into new oil and gas projects in the Republic of Congo as operator, Lukoil Vice-President for America, Africa and the Middle East Ivan Romanovsky said after a meeting with Congolese Minister of Hydrocarbons Bruno Jean-Richard Itoua.

Lukoil is already taking part in the Marine XII project operated by the Italian company Eni, Romanovsky said. "Still, Lukoil aims to develop in the Republic of Congo. First of all, we are interested in projects where Lukoil could act as operator. We have discussed a number of such opportunities today," Romanovsky said.

He said he was hoping that the Ministry of Hydrocarbons and the government of the Republic of Congo would support Lukoil's entry into new projects.

The Marine XII licensed block with an area of 571 square kilometers is located on the continental shelf of the Republic of the Congo, 20 kilometers offshore. The sea depth there reaches 20 to 90 meters. Five fields have been discovered within the block with proved and probable 2P reserves (of 1.3 billion barrels of oil equivalent, according to an international independent audit. The Nene and Litchendjili fields were put into operation in 2015. Their current daily yield is 28,000 barrels of mainly light low-sulfur oil and gas condensate, as well as 1.7 million cubic meters of commercial gas. Lukoil purchased a 25% stake in Marine XII from New Age M12 Holdings Limited for $800 million in 2019. The project operated by Eni with a 65% stake also includes the state-run company Societe Nationale des Petroles du Congo with a 10% share. It is planned to export the produced LNG.

Eni signed a contract with the Chinese engineering company Wison Heavy Industry at the end of December 2022, to build a floating liquefied natural gas installation with annual capacity of 2.4 million tonnes within the framework of the Marine XII project.