Lukoil to Buy 50% Stake in Mexican Oil Project for $435 Million
July 05 2021 - 2:55AM
Dow Jones News
By Jaime Llinares Taboada
Lukoil PJSC said Monday that it has entered into an agreement to
acquire a 50% operated interest in the Area 4 oil project offshore
Mexico for $435 million plus expenditures.
The Russian oil company said the project contains the Ichalkil
and Pokoch fields, with recoverable reserves of 564 million
oil-equivalent barrels, of which more than 80% is crude oil.
Construction of the facilities is being finalized and first oil
production is scheduled for the third quarter of 2021. Peak
production rate is estimated to be more than 115,000 oil-equivalent
barrels a day.
PetroBal, a subsidiary of Mexican conglomerate GrupoBAL, owns
the remaining 50% in Area 4.
"Lukoil considers Mexico a strategic region for the development
of our international upstream operations. The new project, where we
will be the operator, is notable due to its considerable explored
reserves and significant production potential," President Vagit
Alekperov said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
July 05, 2021 02:55 ET (06:55 GMT)
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