MOSCOW – LUKOIL Overseas has taken a 65% operated stake in block CI-504 offshore Republic of Côte d’Ivoire.
Nigerian independent Taleveras Energy will retain a 25% interest, with state-owned PETROCI holding the remaining 10%.
The block, near the producingBaobab field, covers 399 sq km (154 sq mi) in water depths from 800-2,100 m (2,625-6,890 ft). To the south, LUKOIL operates neighboring block CI-205.
The first exploration period for the new block calls for interpretation of historical 2D and 3D seismic data, and further 3D seismic acquisition by January 2014. Two other five-year periods provide for drilling of two exploration wells.