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LUKOIL enters the Congo, acquiring NewAge’s 25% stake in Marine XII for US$800 million
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Report summary
LUKOIL has announced it will acquire NewAge’s 25% stake in the Marine XII block offshore Congo for US$800 million, cash. The shallow water area currently produces around 30,000 b/d of oil and 60 mmcfd of gas from two fields – Nene and Litchendjili. The deal fits with Lukoil’s stated strategy to grow its international portfolio. The company has a strong balance sheet, but with the Russian market cornered by Gazprom and Rosneft it has been looking abroad for expansion. The path for NewAge is more uncertain. The deal rewards its early mover strategy in Marine XII, and will pay off a large part of its debt. Remaining capital could be directed towards the Etinde project, but further divestment to reward investors is also an option.
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