LUKOIL concludes an settlement with New Age M12 Holdings 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 circumstances, together with the approval by the federal government of the Republic of Congo.
The Marine XII license protecting 571 sq. km is positioned on the continental shelf of the Republic of Congo 20 km from the shore with the ocean depth of 20-90 meters. The license covers 5 found fields containing 1.three billion barrels of oil equal of proved and possible (2P) reserves in response to worldwide impartial auditor. Two fields, Nene and Litchendjili, launched in 2015, at present produce 28 thousand barrels of oil (primarily gentle and low-sulfur) and gasoline condensate per day, and 1.7 million cubic meters per day of marketable gasoline.
The Marine XII license is predicated on a manufacturing sharing contract. Eni is the undertaking’s operator with a 65% stake. The undertaking additionally entails the state firm Société Nationale des Pétroles du Congo with a 10% stake.
“Entering this undertaking is in step with our M&A technique. The undertaking is characterised by explored reserves, substantial manufacturing progress potential, entry to well-developed infrastructure and it additionally suits our technological experience. On prime of that, the undertaking is already free money stream constructive. We are additionally happy to broaden our partnership with Eni that’s well-experienced in worldwide offshore initiatives and recognized for its profitable footprint within the area”, mentioned Vagit Alekperov, President of PJSC LUKOIL.
(Source: Lukoil – Image: New Age)
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