Lukoil will invest 400 million USD in Ivory Coast

In 2013, the Russian private oil company Lukoil will invest $ 400 million in its exploration projects off the coast of Ivory Coast, reported Ivory Coast President Alassane Ouattara.

Now, the Russian group explores three blocks in  Ivory Coast shelf and plans to begin work on a fourth site.

Lukoil  production in Russia decreases due to the legislation in force, allowing two companies, Gazprom and Rosneft, to work on the Russian continental shelf. In this context, Lukoil seeks new opportunities for exploration abroad.

Last October, Lukoil signed with the Government of  Ivory Coast a new agreement on the exploration of block CI-524 in the Gulf of Guinea, with a total area of approximately 450 square kilometres.

In may 2012, Lukoil Overseas (subsidiary of Lukoil) became the operator of exploration projects CI-101 and CI-401 (Côte d'Ivoire) and Cape Three Points Deep Water (CTPDW, Republic of Ghana). The three blocks are located in the deep waters of the Gulf of Guinea.