LUKOIL to join gas partnership offshore Cameroon

Bowleven has a conditional agreement to farm out 50% of its 75% interest in the gas-prone Etinde permit offshore Cameroon.

Jun 24th, 2014

Offshore staff

EDINBURGH, UK – Bowleven has a conditional agreement to farm out 50% of its 75% interest in the gas-prone Etinde permit offshore Cameroon.

Under the deal, which could total $250 million, LUKOIL would acquire a 35% stake in the concession and NewAge would raise its existing interest from 25% to 37.5%.

Additionally, NewAge subsidiary Camop would become operator of the permit.

According to Bowleven, there is sufficient in-place gas in the concession for a proposed fertilizer plant in Cameroon with potential for broader gas offtake opportunities, including the GDF-led CLNG scenario.

The partners plan to accelerate appraisal of the Intra Isongo reservoir interval encountered with the IM-5 well.

Conceptual work to date has focused on aphased hub-and-spoke development, with the IM field on block MLHP-7 within the permit area delivering the first phase of liquids and associated gas production.

06/24/2014

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