Inform
LUKOIL enters the Congo, acquiring NewAge’s 25% stake in Marine XII for US$800 million
This report is currently unavailable
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.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Asset Report
Marine XII FLNG - Commercial Overview
Marine XII FLNG is an operational floating liquefied natural gas (FLNG) export terminal located at Pointe-Noire, Republic of Congo. The ...
$2,250
Asset Report
Tulu Kapi gold mine project
A detailed analysis of the Tulu Kapi gold mine project.
$2,250
Asset Report
Shituru SxEw copper mine
A detailed production, commercial and competitive analysis of the Shituru SxEw copper mine.
$2,250
