Project Profile
Value: Undisclosed
Location: 30-40 kilometres far from the coastline, Gulf of Guinea (Atlantic Ocean), Tano oil and gas basin, Republic of Cote d\'Ivoire (Ivory Coast)
Area: 2,403 square kilometres (block CI-101) and 930 square kilometres (block CI-401)
Start-up Year: -
In July 2006, LUKOIL signed an agreement with Vanco Energy of US to acquire a 63.33% share in the PSA for the exploration, appraisal, development and production of hydrocarbons in the CI-101 and CI-401 offshore blocks. A deal closing protocol was signed in August 2006. Shares in the project are LUKOIL Overseas – 56.66% (Operator), PanAtlantic (ex Vanco) – 28.34% and PETROCI Holding – 15%.
Offshore blocks CI-101 and CI-401 are located 30-40 kilometres far from the coastline in the Gulf of Guinea (Atlantic Ocean) in the Tano oil and gas basin. The area of block CI-101 is 2,403 square kilometres and block CI-401 covers 930 square kilometres. The water depth within the block varies from 100 to 2,500 metres. The contract period consists of an exploration period and a development and production period. The exploration period lasts 6.5 years and consists of 3 phases. Duration of the development and production period is 25 years with an option to extend it by 10 years.
Due to a difficult political situation in the country, a force majeure was declared on all projects of LUKOIL Overseas in Cote-d\'Ivoire that lasted from April to August 2011. After the force majeure was lifted, in December 2011 light oil and gas condensate were discovered in a sand pay in an exploration well drilled to the depth of 4,100 metres in water depth of 1,700 metres on Independance prospect in CI-401 block. Current activities include planning an appraisal of the Independance field, updating the geological model and preparing a work program for the CI-101 block.
Operators:
LUKOIL Overseas: Operator with 56.66% interest
PanAtlantic (ex Vanco Energy): 28.34% interest
PETROCI Holding: 15% interest