Russia's No. 2 crude producer, LUKoil, said Wednesday that it had joined another offshore oil project in Sierra Leone, as it seeks overseas reserves to offset declining production in Russia.
LUKoil said it had acquired a 25 percent stake in the SL-4B-10 offshore block in the Gulf of Guinea. It already operates an offshore block in Sierra Leone.
LUKoil bought the stake in the new project from Canada's Talisman Energy, the project operator.
Meanwhile, Iraq's Oil Ministry signed a contract with a consortium consisting of LUKoil and Japan's Inpex for the development of Block 10, a source close to the project told Interfax. LUKoil and Inpex hold 60 percent and 40 percent in the consortium, respectively.
(Reuters, MT)
Related articles:
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.