Russian primarily based oil and fuel group Lukoil efficiently acquired 25 % curiosity within the Marine XII license, Offsore Congo from New Age M12 Holdings Limited

LUKOIL mentioned that, it concludes an settlement with New Age M12 Holdings Limited to accumulate a 25% curiosity within the Marine XII license within the Republic of Congo for $800 mln in money. The transaction is topic to customary situations, together with the approval by the federal government of the Republic of Congo.

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The Marine XII license masking 571 sq. km is positioned 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 mentioned, The license covers 5 found fields with anticipated 1.three billion barrels of oil equal of proved and possible (2P) reserves in keeping with worldwide unbiased auditor.

Nene and Litchendjili fields have been launched in 2015, producing 28 thousand barrels of oil (primarily gentle and low-sulfur) and fuel condensate per day, and 1.7 million cmpd of fuel.

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The Marine XII license relies on a manufacturing sharing contract. Eni is the mission’s operator with a 65% stake. The mission additionally entails the state firm Société Nationale des Pétroles du Congo with a 10% stake, firm added.

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