Ivory Coast: Lukoil Overseas to operated Block CI-524

Lukoil Overseas has signed a production sharing agreement with the Ivory Coast government that covers Block CI-524 in the Gulf of Guinea.

Block CI-524 covers 450 sq km in 800-1,500 m of water. The block represents an eastern part of block CI-401 that Lukoil Overseas has been exploring since 2006. Lukoil Overseas is operator of CI-524 with a 60% interest, PanAtlantic Energy Group, formerly Vanco Overseas Energy Group, Houston, has 30%, and Ivory Coast’s state Petroci Holding has 10%.

The large Barracuda prospect has been identified on the block. The minimum exploration program consists of three periods. The first period covers 18 months and includes reprocessing existing 3D seismic data and shooting more seismic if required. Two other periods of a combined 6 years require drilling two exploratory wells.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...