Russian oil giant Lukoil has expanded its footprint in West Africa by acquiring a 65% stake in the offshore exploration, development, and production project on Block CI-504 in Côte d’Ivoire from Nigerian energy firm Taleveras Energy.
According to a statement released Tuesday on Lukoil’s website, Taleveras Energy, owned by Nigerian oil magnate Igho Sanomi, will retain a 25% stake, while Côte d’Ivoire’s state oil company, Petroci Holding, holds the remaining 10%. Lukoil Overseas, the international arm of the Russian oil major, will take over as the operator of the block.
Strategic Location and Exploration Plans
Block CI-504, covering 399 square kilometers, is located in the Gulf of Guinea, near the producing Baobab field. The water depth in the block ranges between 800 and 2,100 meters, and it shares a southern border with Block CI-205, another asset already operated by Lukoil.
As part of the agreement, Lukoil has committed to a three-phase exploration programme. The first phase, set to be completed by January 2014, involves the interpretation of existing 2D and 3D seismic data, along with additional 3D seismic acquisition. The next two phases, spanning five years, will include the drilling of two exploration wells.
Lukoil’s Growing Presence in Côte d’Ivoire
This acquisition further strengthens Lukoil’s presence in Côte d’Ivoire, where the company already operates Blocks CI-101 and CI-401 (56.66% stake), CI-205 (63%), and CI-524 (60%).
While financial details of the transaction were not disclosed, the deal underscores Taleveras Energy’s role as a key player in West African oil and gas, as well as Lukoil’s increasing interest in deepwater exploration in the region.
