Lukoil Buys 25% Stake in Congo License for $800 Million
June 06 2019 - 9:21AM
Dow Jones News
By Oliver Griffin
Lukoil PJSC (LKOH.MZ) on Thursday said it has agreed to acquire
a 25% interest in the Marine XII license in the Congo for $800
million in cash, subject to approval.
The Russian oil company said the license covers five discovered
fields containing 1.3 billion barrels of oil equivalent in proved
and probable reserves.
Lukoil said the project is already free cash flow positive and
in line with its M&A strategy.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 06, 2019 09:06 ET (13:06 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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