Lagos — Russian oil company Lukoil has indicated interest to buy another stake from Chevron’s 40% in block 132 in Nigeria, according to the Interfax news agency quoting the firm’s president, Vagit Alekperov.
The development comes on the heels of reports that international oil companies already operating in Nigeria may be looking to selling stakes following the federal government’s review of the production sharing contracts, taxes and royalty levies to rake in more revenue from its resources.
However this isn’t the first time Lukoil would acquire stake in Chevron’s oil assets in Nigeria.
In September 2014, the firm acquired interest in the project from Chevron- the deal was approved by the Nigerian National Petroleum Corporation, NNPC on October 6, 2015.
Chevron and Lukoil fund the project at 55% and 45% respectively. Oil and Gas Nigeria Limited and NNPC are carried partners in the project.
OML-140 includes the Nsiko, Nsiko North and Ofigbo discoveries, and a minor interest in the unitized Bonga Southwest Aparo (BSWAp) Field which is operated by Shell.