{"id":619179,"date":"2023-03-17T15:30:00","date_gmt":"2023-03-17T20:30:00","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/17\/russian-oil-company-lukoil-snaps-up-offshore-blocks-in-congo\/"},"modified":"2023-03-17T15:30:00","modified_gmt":"2023-03-17T20:30:00","slug":"russian-oil-company-lukoil-snaps-up-offshore-blocks-in-congo","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/17\/russian-oil-company-lukoil-snaps-up-offshore-blocks-in-congo\/","title":{"rendered":"Russian Oil Company Lukoil Snaps Up Offshore Blocks In Congo"},"content":{"rendered":"
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\"Fundamentals<\/a><\/p>\n<\/p><\/div>\n

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\"The<\/a><\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\"Julianne<\/p>\n

Julianne Geiger<\/p>\n

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.<\/p>\n

More Info<\/a><\/p>\n<\/p><\/div>\n

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By Julianne Geiger<\/a> – Mar 17, 2023, 3:30 PM CDT<\/span><\/p>\n

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Russian oil company Lukoil has said it now has rights to two offshore energy blocks in the Republic of Congo in partnership with Italian oil giant Eni.<\/p>\n

The rights to the offshore blocks, known as Marine 24 and Marine 31, are now held by Lukoil with a 43% interest, Interfax said. Lukoil said that Congo accepted its application for the blocks, submitted with partner Eni.<\/p>\n

The commercial terms for the venture have yet to be agreed on.\u00a0<\/p>\n

Lukoil already has a presence in the Republic of Congo in the Marine XII project, operated by Eni.<\/p>\n

“First of all, we are interested in projects where Lukoil could act as operator. We have discussed a number of such opportunities today,” Lukoil’s Vice-President for America, Africa and the Middle East Ivan Romanovsky said after a meeting with the Congolese Minister of Hydrocarbons Bruno Jean-Richard Itoua.<\/p>\n

Lukoil purchased a 25% stake in Marine XII in 2019 for $800 million<\/a>. Eni, which holds a 65% stake in the project, signed a contract with China’s Wison Heavy Industry to build an FLNG installation with a capacity of 2.4 million tonnes.<\/p>\n

While Congo and Eni appear to be welcoming Lukoil with open arms, other projects Lukoil has sought to proceed with are being held up thanks to sanctions-related cold feet. In Ghana, Lukoil is looking to sell its stake in the Peacan field development because banks have been nervous about getting involved due to sanctions. Aker Energy<\/a>, Lukoil’s partner, also grew nervous about moving forward on the project with the private Russian oil company.<\/p>\n

Lukoil also recently was approved by Iraq’s Thi-Qar Oil to develop the Eridu oilfield after submitting a development plan back in 2021.<\/p>\n

By Julianne Geiger for Oilprice.com<\/p>\n

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