04 October 2012, Sweetcrude, ABIDJAN – RUSSIA’s Lukoil Overseas, subsidiary of Lukoil, has signed a production sharing agreement with the government of Cote-d’Ivoire on the offshore block CI-524 in the Gulf of Guinea.
Block CI-524 covering the area of 450 square kilometres in water depth ranging from 800 to 1,500 metres represents an eastern part of block CI-401 which Lukoil Overseas has been exploring since 2006.
Lukoil Oversea is the operator of the block and holds a 60% interest. PanAtlantic (former Vanco) has 30% and state-owned PETROCI Holding, 10%.