Lukoil completed the acquisition of a 25% stake in Marine XII project in Congo

Brazzaville, September 11 - Neftegaz.RU. New Age M12 Holdings has completed the sale of its 25% non-operated interest in the Marine XII License to LUKOIL Upstream Congo SAU, a wholly owned subsidiary of LUKOIL, for $800 million.

The Marine XII License is located offshore Congo-Brazzaville and is operated by Eni. New Age acquired its position in Marine XII in 2009 and since then multiple large oil and gas discoveries have been made.

New Age will utilize the proceeds from this transaction to further strengthen its balance sheet and to redeploy into its African portfolio, incl. the Marine III license in Congo of and its exploration assets.

The Marine XII license covering 571 sq. km is located on the continental shelf of Congo, 20 km from the shore with the sea depth of 20-90 m. The license covers 5 discovered fields containing 1.3 billion barrels of oil equivalent of proved and probable (2P) reserves according to international independent auditor.

2 fields, Nene and Litchendjili, launched in 2015, produce 28 thousand barrels of oil (mainly light and low-sulfur) and gas condensate per day, and 1.7 million cu m per day of marketable gas.

To read the article in Russian.