Project Profile
Value: Undisclosed
Location: Shelf and continental slope of the Atlantic Ocean, Liberia basin, Sierra Leone
Water Depth: Ranging from 328 to 10,826.7 feet (100 to 3,300 metres)
Area: 1552.9 square miles (4,022 square kilometres)
Start-up Year: -
Block SL-5-11 covers an area of 1552.9 square miles (4,022 square kilometres) on the shelf and continental slope of the Atlantic Ocean with water depth ranging from 328 to 10,826.7 feet (100 to 3,300 metres). 2D and 3D seismic data was acquired on 579.1 square miles (1,500 square kilometres) leading to the identification of several prospects. From the geological point of view, the block belongs to the Sierra Leone-Liberia basin where a number of sizeable oil discoveries have recently been made.
A standard contract for exploration and development of the block was concluded for the term of 30 years. The exploration program for the block includes re-interpretation of historical seismic data, an electric exploration survey and drilling of one exploration well. Lukoil Overseas, operator of Lukoil’s international upstream projects, has entered into the Production Sharing Agreement (PSA) for exploration and development of block SL-5-11 in June 2011 as an operator with a 49% share. The other project partners are Oranto (30%) and PanAtlantic (21%). The current exploration period will expire on December 31, 2013. Obligations of the next exploration period will depend on the drilling results.
Operators:
Lukoil Overseas: Operator with 49% interest
Oranto: 30% interest
PanAtlantic: 21% interest