LUKOIL Monday, July 27, 2020
PJSC LUKOIL (hereinafter - the Company) concludes an agreement with Cairn Energy PLC to acquire a 40% interest in RSSD (Rufisque, Sangomar and Sangomar Deep) project in the Republic of Senegal for $300 mln in cash. The agreement also provides for potential bonus payment to Cairn Energy PLC of up to $100 mln after the commencement of production. The transaction is subject to customary conditions, including the approval by the government of the Republic of Senegal.
The blocks of the project covering 2,212 sq. km are located on the deepwater shelf of the Republic of Senegal 80 km from the shore with the sea depth of 800-2,175 meters. The blocks include two discovered fields: Sangomar and FAN.
The Final Investment Decision (FID) on the Sangomar field was taken in the beginning of 2020 and the field development has begun. According to the Company's estimates, the recoverable hydrocarbon reserves of the Sangomar field total approximately 500 million boe. The field is planned to be launched in 2023 with designed production level of 5 million tons of crude oil per year.
The RSSD project is being implemented under a production sharing agreement. Woodside is the project's operator with 35% stake. Other participants are FAR (15%) and state-owned company Petrosen (10%).
'Entering the project with already explored reserves at early stage of their development is fully in line with our strategy and allows us reinforcing our presence in West Africa. Joining the project with qualified international partners will allow us to gain additional experience in development of offshore fields in the region', said Vagit Alekperov, President of PJSC LUKOIL.
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LUKOIL, the Ministry of Energy of the Republic of Kazakhstan and JSC NC KazMunayGas have concluded a contract for the exploration and development of hydrocarbons on the Zhenis block in the Kazakh Sector of the Caspian Sea.
Today LUKOIL has commissioned a Gas Processing Complex at the Kandym fields cluster in Uzbekistan.
The construction of the Kandym Gas Processing Complex was completed exactly two years since its start and eight months ahead of the schedule. The official opening ceremony was attended by the President of the Republic of Uzbekistan Shavkat Mirziyoyev, Minister of Energy of the Russian Federation Aleksander Novak and the President of PJSC 'LUKOIL' Vagit Alekperov.President of LUKOIL Vagit Alekperov and the Prime Minister of Uzbekistan Abdulla Aripov participated in the official launch of new facilities at Gissar cluster of fields in Uzbekistan, today.
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OAO Lukoil published this content on 27 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 July 2020 06:35:14 UTC
