Gulf Oil and Gas accountACCOUNT

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 >>

Norway >>  10/16/2017 - Statoil Petroleum AS (Statoil) is the operator for production licence 190 in the North Sea. We have given the company consent to drill exploration wel...
Lebanon >>  10/12/2017 - Lebanonís Energy Minister Cesar Abi Khalil said a tender had closed on a first round of offshore energy blocks, and told local media that two consorti...

Colombia >>  10/11/2017 - Gulfsands Petroleum plc (GPX), the oil and gas company with activities in Syria, Colombia and Morocco, is pleased to announce a significant reset of i...
Cuba >>  10/11/2017 - Melbana Energy Limited (Melbana) has provided official notification to Cuban regulatory authorities of its commitment to the second exploration sub-pe...

Morocco >>  10/11/2017 - SDX Energy Inc., the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its KSR-14 development wel...
Norway >>  10/11/2017 - Bayerngas Norge AS (Bayerngas) is the operator for production licence 682 in the North Sea. We have given the company consent to drill exploration wel...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  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 >> 

Oil & Gas Projects in Sierra Leone >>

More News

 

Oil & Gas Companies in Sierra Leone >>


Related Links

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