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Russia’s Lukoil buys 37.5% stake in Cameroon offshore shelf project

June 24, 2014, 11:10 UTC+3 MOSCOW
The deal will be closed after a clearance by Cameroon’s authorities and permission by the Bowleven shareholders
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© EPA/MARCEL VAN HOORN

MOSCOW, June 24. /ITAR-TASS/. Russian oil company Lukoil has acquired a 37.5% stake in the Etinde field on the shelf of Cameroon from Bowleven and it will develop the deposit under a production sharing agreement, Lukoil and Bowleven said in their joint statement Tuesday.

The deal will be closed after a clearance by Cameroon’s authorities and permission by the Bowleven shareholders.

Etinde is located near the border with Equatorial Guinea. The operators are making estimates of the field’s reserves. According to Lukoil, 13 out of 16 drilled wells on the field have oil.

U.K. New Age which already holds a 25% stake in Etinde bought 12.5% of the operator’s shares more from Bowleven, and Bowleven thus cut its stake to 25%.

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