Russia’s Lukoil buys 37.5% stake in Cameroon offshore shelf project

June 24, 2014 | Africa, Mergers, Acquisitions & JVs

Moscow, Russia | – Russian oil company Lukoil has acquired a 37.5% stake in the Etinde field on the shelf of Cameroon from Bowleven and it will develop the deposit under a production sharing agreement, Lukoil and Bowleven said in their joint statement Tuesday.

The deal will be closed after a clearance by Cameroon’s authorities and permission by the Bowleven shareholders.
Etinde is located near the border with Equatorial Guinea. Nogtec has learnt from ITAR-TASS. The operators are making estimates of the field’s reserves. According to Lukoil, 13 out of 16 drilled wells on the field have oil.

U.K. New Age which already holds a 25% stake in Etinde bought 12.5% of the operator’s shares more from Bowleven, and Bowleven thus cut its stake to 25%.