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
Products and vendors Services and providers Jobs

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 >>

Linc Energy Finds Oil Shows in Arckaringa Basin
  Australia >>  11/27/2014 - Linc Energy Ltd is pleased to announce hydrocarbon shows have been detected in the Stuart Range Formation at the Pata 1 exploration well, the first of...
Beach Updates on Nappamerri Trough Natural Gas Program
  Australia >>  11/25/2014 - Beach Energy Ltd. provided an update on the Nappamerri Trough Natural Gas (NTNG) program in ATP 855 in Queensland and PRLs 33-49 (ex-PEL 218) in South...

Statoil Calls Time-out in Kwanza Exploration Drilling Program
  Angola >>  11/21/2014 - Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwan...
Talisman and Ecopetrol Finds Hydrocarbon Discovery in Block CPO-9
  Colombia >>  11/21/2014 - Talisman Energy Inc.affiliate Talisman (Colombia) Oil & Gas Ltd., and Ecopetrol S.A. have proven the presence of hydrocarbons in the Nueva Esperanza-1...

CGG Confirms Another Client Commitment to its StagSeis Solution
  Mexico >>  11/21/2014 - CGG announced another significant commitment from an Exploration and Production company to its StagSeisTM multi-client solution in the Gulf of Mexico,...
A Mid-sized Discovery Lufeng14-4 Made in Eastern South China Sea
  China >>  11/19/2014 - CNOOC Limited made a mid-sized new discovery Lufeng14-4 in the Eastern South China Sea. ...



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 B2B marketplace:   About -  Advertising -  Competitive Intelligence -  Talent Solutions -  Membership Services Follow us on Facebook
Copyright © Universal Solutions All rights reserved. Privacy Policy. - Contact Us  Gulfoilandgas rss feed