Lukoil completes entry into offshore Cameroon Etinde project
Lukoil has completed its entry into a project to develop the Etinde block offshore the Republic of Cameroon in the Gulf of Guinea.
The company said it has met all preliminary conditions of the acquisition agreement including obtaining approval from the Cameroon Ministry of Mines and Energy and gazetting the Presidential Decree approving the transaction.
TheEtinde project is being executed under the production-sharing agreement (PSA) signed on December 22, 2008. The project partners are Lukoil (30%), New Age (African Global Energy) Ltd. (30%, operator), Bowleven Plc (20%), and state-owned Societe Nationale des Hydrocarbures (20%) of Cameroon.