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Russia's Lukoil exits projects in Cote d'Ivoire

The information about Lukoil possibly terminating operations in Iraq, Venezuela, Cote d'Ivoire, Egypt, Ghana and Ukraine, was reported in August 2014

© AP Photo/Matt Rourke

MOSCOW, January 15. /TASS/. Lukoil exits the projects in Cote d'Ivoire, where it led exploration in the deep offshore, a source familiar with the situation told TASS Friday.

The company confirmed the information about leaving the projects to TASS.

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Lukoil was operating in the Gulf of Guinea (Atlantic Ocean) offshore Cote d'Ivoire since 2006 and is the Operator of the offshore exploration projects at the CI-101 and CI-401 (55.66% share), CI-205 (63% share), CI-524 (60% share), and CI-504 blocks (65% share). Light oil and gas condensate accumulations were discovered in sand beds after drilling an exploration well (Independance-1X) in the Independance structure of the CI-401 block in December 2011. Drilling the first appraisal well (Independance-2A) in October-December 2013 confirmed the oil content of the Independance field Turonian sands. The second appraisal well was completed in January 2015 (Independance-3A) to determine the field's hydrocarbon reserves and geological model.

The information about Lukoil possibly terminating operations in Iraq, Venezuela, Cote d'Ivoire, Egypt, Ghana and Ukraine, was reported in August 2014. The company’s report said that Lukoil has been active in a number of countries with a high level of political and economic risks that could significantly complicate the work of the company in a particular region, and even lead to its termination.

As TASS reported earlier, in 2013 Lukoil sold its Odessa refinery, in August 2014 - its network of filling stations in Ukraine. At Lukoil’s Karpatneftechem in Ukraine production was stopped in the autumn of 2012.

Lukoil has closed all its projects in Vietnam. The company intends to focus on projects in West Africa, where Lukoil operates also in Sierra Leone and Ghana.

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