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Lukoil to start offshore drilling in Mexico in September 2020, says CEO

Lukoil exercised an option for 40% in a Nigerian block, according to the company CEO

© Anton Vaganov/TASS

VIENNA, December 5. /TASS/. Lukoil plans to start offshore drilling in Mexico in September 2020, Chief Executive Officer of Russia’s oil major Vagit Alekperov told reporters on Thursday.

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"We will start drilling next September," he said when asked a respective question.

Lukoil started activities in Mexico in July 2015 as it entered into a project to develop the Amatitlan Block in the country. Previously, in January 2014, the company concluded a cooperation agreement with Mexico’s Pemex, which laid the groundwork for joint operations of the two companies in crude oil exploration and production.

Lukoil won the tender under the second licensing round for Block 12 in June 2017. The production sharing agreement was executed in September 2017 with Mexico’s national hydrocarbon commission (CNH).

In March 2018, Lukoil in a consortium with the Italian company Eni was awarded the contract right for Block 28. The underwriting share of the Russian company will be 25%. Eni will be the operator of the license with a 75% stake in the joint venture. The block is located in the Gulf of Mexico offshore, in water depths between 20 and 500 meters.

In November 2018, Lukoil and Eni signed a farm-out agreement on Blocks 10, 12 and 14 in the Mexico's shallow waters. It stipulates that Lukoil assigns 40% in Block 12 to Eni, retains the remaining 60% stake and remains the operator of the project. In its turn, Eni assigns 20% in Block 10 and 20% in Block 14 to Lukoil, and remains the operator of both projects.

Option for 40% in Nigerian block

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Lukoil has exercised an option on a block in Nigeria and will get 40% in the project, the CEO informed.

"Yes, we have exercised [the option — TASS]. Paperwork is now underway. 40% in the project," Alekperov said. Negotiations have not been completed yet and therefore it is early to speak about the deal price, the top manager added.

Lukoil and Nigerian National Petroleum Corporation (NNPC) signed a memorandum of understanding at the Russia-Africa Economic Forum in Sochi, Lukoil reported on October 24. According to the memorandum, the parties intend to consider possible cooperation in the exploration, production and refining of hydrocarbons in Nigeria as well as upscaling existing trading relationship, the Russian company said.

The document also provides for possible design and technical cooperation between the companies and the provision of Lukoil's know-how in the implementation of production and refining projects, the Russian oil producer added.

Commercialization of Block 10 in Iraq

Lukoil plans to initiate commercialization of Block 10 and has negotiated acceleration of tender procedures for West Qurna-2, Vagit Alekperov stated.

"We have discussed our projects only — Block 10 and West Qurna-2. We will probably make a submission for transition to the next stage for Block 10 at the turn of the next year. That is, we are completing the exploration period and entering commercialization. I think, as early as in September [2020 — TASS]," Alekperov said.

"We agreed to speed up tender procedures for West Qurna-2," the top manager added.

Lukoil signed a contract to develop the West Qurna-2 oilfield in 2010. The contract is valid for 25 years. The first oil in the West Qurna-2 project was produced in March 2014, and by now Iraq enjoys the largest increase in oil production at that field, which is 400,000 barrels per day. Currently, the field accounts for 9% of the total oil production in Iraq.

The new field development plan inked in spring 2018 provides for the oil production plateau at the level of 800,000 barrels daily. The paper contemplates that the production level of 480 thousand barrels per day will be reached in 2020 and 800 thousand barrels per day — in 2025.

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