The transaction amount is $435 million plus expenses actually incurred in 2021 as of the closing date of the transaction.
Area 4 includes 2 blocks, 58 sq.km in total, which are located 42 km offshore Mexico in the Gulf of Mexico.
The sea depth at the blocks is 30-45 m.
The project contains 2 oil fields:
Vagit Alekperov, President of LUKOIL, said:
- LUKOIL considers Mexico a strategic region for the development of our international upstream operations
- The new Project, where we will be the operator, is notable due to its considerable explored reserves and significant production potential
- It naturally complements our existing portfolio of projects in the Gulf of Mexico
The Project is developed in 3 phases, with a peak daily production rate estimated to be more than 115 000 barrels of oil equivalent.
The Project is implemented under a PSA, which was signed in 2016 for a period of 25 years with the right for an extension for up to 10 years.