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 >>

Australia >>  11/30/2016 - Cooper Energy reports that Penneshaw-1, an oil exploration well located in PRL 87 in the Cooper Basin, South Australia, is being plugged and abandoned...
Mexico >>  11/28/2016 - Mexico's oil regulator announced a final list of 17 oil companies representing a dozen countries that have pre-qualified to bid on the country's first...

Brazil >>  11/24/2016 - Rosneft Brasil (100% owned Rosneft subsidiary) and Queiroz Galvao Oleo e Gas signed an agreement to charter an onshore drilling rig and associated rig...
Cuba >>  11/23/2016 - Melbana Energy Limited (MAY) (Melbana) is pleased to provide the following update in relation to its onshore Block 9 Production Sharing Contract (Bloc...

Norway >>  11/22/2016 - Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed the Neid...
India >>  11/21/2016 - India's first auction of small discovered fields drew a tepid response with local firms dominating the auction for operating assets estimated to hold ...

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.