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LUKOIL completed acquisition of a 50% stake in the Area 4 oil project offshore Mexico

LUKOIL considers Mexico a strategic region for the development of our international upstream operations

LUKOIL completed acquisition of a 50% stake in the Area 4 oil project offshore Mexico

Mexico City, February 25 - Neftegaz.RU. Russia's 2nd-largest oil producer announced today it had completed the acquisition of the 50% operator interest in the Area 4 project in Mexico through the acquisition of the operator's holding company.

The Mexican authorities approved the deal on 3 February 2022.
The transaction value amounted to $435 million, plus expenditures – about $250 million – incurred since 1 January 2021 as of the transaction completion date.

The project includes 2 blocks – Ichalkil and Pokoch – with recoverable hydrocarbon reserves of 564 million oil-equivalent barrels, more than 80% of which is crude oil.

Production started in the 4th quarter of 2021 and the current rate exceeds 25,000 barrels a day.
At its peak, Area 4 is expected to produce more than 115,000 barrels of oil equivalent a day.

Made up of 2 blocks spanning 58 km² in total, the Area 4 project is being implemented under a 25-year production sharing agreement.
This agreement was signed in 2016 by a consortium of Petrobal and US-based Fieldwood Energy.
It provides the participants with the right to an extension for a maximum of ten years.

In November 2021, LUKOIL has made new oil field discovery within the Yoti West structure at Block 12 offshore Mexico.
According to preliminary estimates, the discovery’s initial oil in place is 250 million barrels.

Source : Neftegaz.RU


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