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

MISC Secures Long-Term Charter for Papua New Guinea's First FSO

Dolphin Drilling, Vantris Ink Marketing Deal for Blackford Dolphin Semi-Sub

DUG Hooks Multi-Client Seismic Reprocessing Survey off Malaysia

MISC, PTSC Extend Ruby II FPSO Operations Offshore Vietnam

Mubadala Hires SLB for Deepwater Drilling Services Offshore Indonesia

Vantage Drilling’s Ultra-Deepwater Drillship Heads to India Under $260M Contract

Eni Enlists Shearwater for 3D Seismic Survey in Timor Sea

Eneos Warns on Skyrocketing Costs fo Offshore Wind

Sponsored: Energy and Finance Chiefs Call for Sound Policy, Stable Frameworks at ADIPEC

Major Oil and Gas Projects Drive Strong OSV Demand in the Middle East

Current News

Inpex Secures Environmental Approval for Indonesia’s Abadi LNG Project

MISC Secures Long-Term Charter for Papua New Guinea's First FSO

Dolphin Drilling, Vantris Ink Marketing Deal for Blackford Dolphin Semi-Sub

Saipem Agrees $272M Deal to Acquire Deep Value Driller Drillship

DUG Hooks Multi-Client Seismic Reprocessing Survey off Malaysia

MISC, PTSC Extend Ruby II FPSO Operations Offshore Vietnam

Petronas Takes Operatorship of Oman’s Offshore Block 18

Mubadala Hires SLB for Deepwater Drilling Services Offshore Indonesia

Malaysia Offers Nine Exploration Blocks in 2026 Bid Round

Seatrium Unit Launches Arbitration Against Petrobras over FPSO Contract

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