Russia’s Lukoil closes deal to buy 30% in Cameroonian field

MOSCOW, Mar 17 (PRIME) -- Russian oil company Lukoil has closed a deal to acquire a 30% stake in the Etinde field on the sea shelf of Cameroon, the company said in a statement Tuesday, without disclosing the price of the deal.

“The deal on Lukoil’s acquisition of a stake in the Etinde field project development in Cameroon’s zone in the Gulf of Guinea has been closed. All preliminary requirements of the purchase deal signed in June 2014 have been fulfilled,” Lukoil said.

The project operator is New Age (African Global Energy) which also has a 30% stake in the field. Lukoil bought its stake from Bowleven, and Bowleven will hold 20%, while another 20% stake will belong to local company Societe Nationale des Hydrocarbures.

Etinde is located near the border with Equatorial Guinea. According to Lukoil’s earlier statements, 13 out of 16 drilled wells on the field hold oil.

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