Exploration: News for Oil & Gas and Hydrocarbon Industries  Membership Services »
Gulf Oil and Gas grow your business
Home News Events Projects Tenders Unconventionals Community | My Account Gulfoilandgas rss feed Follow us on Facebook  Jobs 
Products and vendors Services and providers Oil & Gas Software and publications

LUKOIL to Spend $100 Million on Sierra Leone Block

Source: Reuters 4/6/2012, Location: Africa

Share |

LUKOIL will invest $100 million to launch exploration activities on its offshore block in Sierra Leone, a company official said.

LUKOIL, which has struggled to replace production with new reserves, is pinning its hopes on new overseas ventures and bought a 49 percent stake in the offshore block last year as part of efforts to build its portfolio of African oil assets. Company geologists plan to drill a first exploration well on the block by the end of the year with positive results leading to a possible expansion of its operations in Sierra Leone.

"If we are successful in the exercise on the first block, we hope to embark on another block in the future," Anatoly Katoshin, LUKOIL's vice-president for exploration, told journalists in Sierra Leone's capital, Freetown. Oil majors are jostling for stakes in offshore blocks in West Africa's Gulf of Guinea as global on-land oil supplies become more scarce. LUKOIL has already drilled several wells in the Gulf of Guinea as part of a joint venture with Texas-based Vanco and Ghana's National Petroleum Corporation. It hopes to find reserves of 150-250 million barrels of oil. It is also carrying out offshore exploration in Ivory Coast.

Exploration News in Sierra Leone >>

Vulcan Sub-Basin AC/P50 and AC/P51 Work Program Variation
Australia >>  4/22/2014 - MEO Australia Limited has been advised by the National Offshore Petroleum Titles Administrator (NOPTA) that the Territory of Ashmore and Cartier Islan...
Total Discovers Oil in Deep Offshore Ivory Coast
Ivory Coast (Cote D'Ivoire) >>  4/17/2014 - The Total-operated Saphir-1XB exploration well on Block CI-514 proved the presence of liquid hydrocarbons in the deep offshore west of Ivory Coast. ...

Shell Announces Malaysia Deep-Water Gas Discovery
Malaysia >>  4/17/2014 - Shell announced an exploration discovery offshore Malaysia. The successful ‘Rosmari-1’ well is located 135 kilometres offshore in Block SK318, and was...
BP Head Says Russian Business Unaffected by Sanctions
Russia >>  4/15/2014 - Western sanctions over Russia's actions in Ukraine have not impacted BP's business in Russia, chief executive Bob Dudley said, reiterating the oil maj...

Rosneft Discoveries New Oil Field in Tyumen Region
Russia >>  4/15/2014 - A new field within Zapadno-Gerasimovsky license block was discovered by Rosneft subsidiary Uvatneftegaz. On completion of prospecting well testing on ...
BOEM Proposes Western GOM Oil & Gas Lease Sale
United States >>  4/15/2014 - As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, Bureau of Ocean E...



Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Land & Leasing  Oil & Gas Companies  Production  Service Companies  Utility Systems  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Sierra Leone Oil & Gas 1 >> 


More News

Oil & Gas Projects in Sierra Leone >>

Oil & Gas Companies in Sierra Leone >>

Related Links

Countries Quick Links

AO BJ BW CD CG CI CM DZ EG ET GA GF GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas E-Marketplace - Promote your Business - About Us
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us