Thursday, June 24, 2021

    Russia’s Lukoil exercises option for oil block in Nigeria – Interfax

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    Bola Macaulay
    Bola Macaulay is a freelance journalist based in Ibadan Oyo State. She is a graduate of Univesity of Ibadan and she's married with kids

    Dec 5 – Russian oil company Lukoil has executed a buy option from Chevron for 40% of block 132 in Nigeria, the Interfax news agency reported on Thursday, citing the firm’s president Vagit Alekperov.

    The company will start drilling on block 12 in Mexico in September 2020, it adde

    Naija247news earlier reported that Nigeria welcomes Lukoil’s (MOEX: LKOH) interest in joining new projects in the country, the Russian oil company’s president, Vagit Alekperov told reporters after a meeting with Nigerian Petroleum Minister Emmanuel Kachikwu on Wednesday evening.

    “He supported our efforts to join a number of new projects,” Akelperov said.

    Among other things, Lukoil is considering exercising an option to buy a 40% stake in Block 132 from U.S. company Chevron. “We are exercising an option on Block 132 with Chevron. We are also partners on Block 140, and we have the same option on Block 132 for exploration – 40%,” he said.

    Alekperov said talks with Eni on joining the Aba project in Nigeria were ongoing.

    At the end of 2014, the Lukoil board of directors approved the company’s entry into Chevron’s project to develop the OML 140 deep-water block on the Nigerian shelf. The block, which measures more than 1,200 square kilometers, lies 135 km from the Nigerian coast in the Gulf of Guinea at sea depths of between 1,200 and 2,000 meters. The Nsiko field and several promising sections have been discovered there.

    The project operator is Chevron (Star Ultra Deep Petroleum). Project participants are Nigeria’s state NNPC – 30%, Star Ultra Deep Petroleum (STAR) – 27%, ONG – 25% and Lukoil – 18%. Chevron received a 20-year to develop the field in 2009.

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