Violence in Cote d'Ivoire leads to declaration of force majeure

Source: Vanco

In accordance with provisions of the Production Sharing Contracts for Blocks CI-101 and CI-401, offshore Republic of Côte d'Ivoire, a formal notice of force majeure was submitted to the Government of Côte d'Ivoire, relevant ministries and project partners LUKOIL Overseas and PETROCI Holding. 

Vanco and LUKOIL Overseas are determined to resume active work in the CI-101 and CI-401 exploration projects as soon as it is feasible after the situation in Côte d'Ivoire stabilizes. 

The Production Sharing Contracts for Blocks CI-101 and CI-401 were signed in September 2005 between the Republic of Côte d’Ivoire, Vanco and PETROCI Holding. LUKOIL Overseas joined the project in 2007 with share of 56.66%; Vanco (Operator) and PETROCI hold 28.34% and 15% shares, respectively.

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