Lukoil has closed on its $800 million purchase of a 25% non-operating interest in the Marine XII License area operated offshore Congo by ENI. African Global energy was the seller.
New Age (African Global Energy) Limited (‘New Age’ or ‘the Company’) announces that its subsidiary New Age M12 Holdings Limited has completed the sale of its 25% non-operated interest in the Marine XII License to LUKOIL Upstream Congo SAU, a wholly owned subsidiary of PJSC LUKOIL.
The Marine XII License in which Lukoil now has an interest is located offshore Congo Brazzaville and is operated by Eni. New Age acquired its position in Marine XII in 2009 and since then multiple large oil and gas discoveries have been made. Successful appraisal and phased development have led to early production being established from both the Nene and Litchendjili fields.
Lukoil is active in other areas of Africa. In June 2014, LUKOIL joined the deep-water offshore project in the Etinde block on the Cameroon shelf in West Africa (the deal was closed in March 2015).
The block with an area of 460 km2 is located in the Cameroonian waters of the Gulf of Guinea, 20 km offshore right near the border with Equatorial Guinea. Water depth at the block ranges between 75 and 10 meters.
It is developed on the basis of a product-sharing agreement (PSA) signed in December 2008. In July 2014, a 20-year license was obtained for the development of the Etinde block. Parties to the project include: New Age Ltd. — 30% (operator), LUKOIL — 30%, EurOil Ltd. (Bowleven) — 20%, and Societe Nationale des Hydrocarbures, a Cameroonian National Company — 20%.
In 2018 two prospecting and appraisal wells were drilled, the deposit area was updated, an oil flow was received, the geological model was updated, reserves calculation was performed, according to Lukoil’s corporate website.
In September 2014, LUKOIL joined the offshore deepwater project at OML-140 block on the Nigerian shelf in West Africa (the accession was closed in September 2015). The block with an area of more than 1.2 thousand km2 is located in the Nigerian waters of the Gulf of Guinea, 135 km away from the coast. Water depth at the block ranges from 1.2 to 2 thousand meters.
In June 2009, a 20-year license was granted for the development of the block. Chevron (Star Ultra Deep Petroleum) acts as a project operator. Parties to the project include: NNPC, a Nigerian company, — 30%, Star Ultra Deep Petroleum (STAR) — 27%, ONG — 25%, LUKOIL — 18%.
The Nsiko field was discovered within the block as well as a number of promising structures.
In September 2014, LUKOIL joined the offshore deepwater project at OML-140 block on the Nigerian shelf in West Africa (the accession was closed in September 2015). The block with an area of more than 1.2 thousand km2 is located in the Nigerian waters of the Gulf of Guinea, 135 km away from the coast. Water depth at the block ranges from 1.2 to 2 thousand meters.
In June 2009, a 20-year license was granted for the development of the block. Chevron (Star Ultra Deep Petroleum) acts as a project operator. Parties to the project include: NNPC, a Nigerian company, — 30%, Star Ultra Deep Petroleum (STAR) — 27%, ONG — 25%, LUKOIL — 18%.
The Nsiko field was discovered within the block as well as a number of promising structures.
The sale of New Age’s position in Marine XII in Congo marks the culmination of a successful investment cycle for the Company. New Age will utilize the proceeds from this transaction to further strengthen its balance sheet and to redeploy into its African portfolio, including the Marine III license in the Republic of and its exploration assets.
This transaction was the result of a competitive sales process, with New Age advised by Evercore, Bank of America Merrill Lynch and Clyde & Co.
Source: www.petroleumafrica.com
