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 >>

Sonatrach Makes 18 Hydrocarbon Finds in 2014
  Algeria >>  9/2/2014 - Thirteen finds were made during the six first months of 2014, seven of which are relating to oil and six to gas, in the basins of Berkine, Illizi, and...
Oil and Gas Exploration in the Northwestern Coast
  Egypt >>  9/1/2014 - Three international companies won the international tender raised by the Egyptian Natural Gas Holding Co. (EGAS) last month. This tender is to conduct...

Algeria Delays Oil Bids to September 30
  Algeria >>  8/28/2014 - Algeria has accepted a request by foreign energy companies to push back the opening of bids for its new oil and gas round to the end of September, the...
Ivanhoe Energy to Terminate Ecuador Contract
  Ecuador >>  8/26/2014 - Petroamazonas oil company is in the process of terminating a contract with Canada's Ivanhoe Energy, officials said. Ivanhoe has held a 30-year oil exp...

Shell Announces Marjoram-1 Gas Discovery in Malaysia
  Malaysia >>  8/26/2014 - Shell announces further exploration success in Malaysia with another gas discovery at the Shell-operated deep-water Marjoram-1 well. ...
Circle Oil Finds Discovery on EMD-1 Well
  Tunisia >>  8/26/2014 - Circle Oil Plc, the Middle East and Africa focused oil and gas exploration, development and production company, is pleased to announce the preliminary...



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 >> 

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 EH 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