The company has taken a 65% position in Block CI-504 off Cote D’Ivoire from Nigerian downstream outfit Taleveras Energy.
Taleveras, which is also involved in the power and construction sectors, is to retain a 25% stake with state player Petroci holding onto 10%.
Lukoil said the 399-square-kilometre block, situated in water depths of between 800 metres and 2100 metres, is located close to the producing Baobab field. It borders Block CI-205 which is already operated by the Russian.
There is a three-phase committed work programme which calls for interpretation of existing 2D and 3D seismic as well as shooting new 3D seismic. The second and third phases run for a combined five years and will see the drilling of two wildcats.
Taleveras finalised its acquisition of Block CI-504 in April last year, along with blocks 501 and 523. In partnership with ellow Nigerian energy combine Sahara Energy Fields, it agreed to collaborate with Petroci on the blocks.
Taleveras Group also acquired Nigerian deep-water licence OPL 288, awarded in 2005.