Russia’s Lukoil enters offshore project in Cameroon

MOSCOW: Russian oil company Lukoil said on Tuesday it had closed a deal to develop the Etinde offshore block in the Gulf of Guinea off Cameroon.

Lukoil owns 30 percent in the project in West Africa, with the rest split between New Age Ltd (30 percent, operator), Bowleven Plc (20 percent) and Societe Nationale des Hydrocarbures of Cameroon (20 percent).

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On Monday, Lukoil said the share Lukoil Overseas – its foreign unit – in the firm’s total oil production rose to 10 percent in 2014 from 4.4 percent in 2013.

Copyright Reuters, 2015