Lekoil Acquires Interest in Niger Delta Basin

Laxman Pai
Monday, August 26, 2019

Nigeria and West Africa-focused oil and gas exploration and development company Lekoil has agreed to acquire, subject to the receipt of the required consents, a 45% participating interest in the production sharing contract (PSC) in relation to the oil prospecting licence (OPL) 276.

The PSC is acquired by Lekoil 276 Limited, which is a 100 per cent. owned subsidiary of Lekoil Nigeria, covers a territory located onshore in the eastern Niger Delta basin.

The agreed acquisition, from Newcross Petroleum, is for a total staged consideration of US$5million. Lekoil 276 will also enter into an Interim Governance Agreement with Newcross and Albright Waves Petroleum Development setting out the terms on which Lekoil 276 will provide technical support to the PSC.

The Acquisition is consistent with the Company’s continuing strategy to assemble a balanced portfolio of oil and gas interests, which already include production (Otakikpo), appraisal (OPL310) and high impact exploration assets in known basins (OPL325).

The Licence is covered by approximately 150 sq. km of 3D seismic, shot in 2008 by BGP Inc., a subsidiary of China National Petroleum Company (CNPC), as well as various 2D seismic surveys.  

Categories: People & Company News Energy Mergers & Acquisitions

Related Stories

Serica Energy Agrees $194M Pharos Energy Acquisition

Eni-Petronas JV Starts Indonesia-Bound FPSO Construction

QatarEnergy Prolongs LNG Force Majeure, Charters Out Tankers

Energean Lifts Karish Fields FPSO Oil Processing Capacity

Jadestone Energy Lifts Malaysia Production with Second Online Well

Searah Malaysia Starts Upstream Oil and Gas Operations

Inpex Starts Construction of Indonesia's Abadi LNG Project

Unity Enters Asia-Pacific Market with Malaysia P&A Work

Floating Nuclear: A New Offshore Energy Frontier

Markets: Oil Majors Reload Exploration Hoppers Across Sub-Saharan Africa

Current News

FPSO for Azule Energy’s Angola Offshore Field Starts Taking Shape in China

Borr Drilling's Mexican JV Expands Fleet with Five Jack-Ups

Keppel Launches $2.9B Program to Monetize Legacy Offshore Drilling Rigs

Saipem Cuts Earnings Outlook as Middle East Costs Rise

Serica Energy Agrees $194M Pharos Energy Acquisition

Oil Eases After Topping $100, Still Set for Weekly Rise

BP Moves Indonesia CCUS Project Into Offshore Installation Phase

Eni-Petronas JV Starts Indonesia-Bound FPSO Construction

QatarEnergy Prolongs LNG Force Majeure, Charters Out Tankers

Chevron Enlists Velesto’s Jack-Up Rig for Drilling Job off Malaysia

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com