Lukoil Overseas has signed a production sharing agreement with the Ivory Coast government that covers Block CI-524 in the Gulf of Guinea.
Block CI-524 covers 450 sq km in 800-1,500 m of water. The block represents an eastern part of block CI-401 that Lukoil Overseas has been exploring since 2006. Lukoil Overseas is operator of CI-524 with a 60% interest, PanAtlantic Energy Group, formerly Vanco Overseas Energy Group, Houston, has 30%, and Ivory Coast’s state Petroci Holding has 10%.
The large Barracuda prospect has been identified on the block. The minimum exploration program consists of three periods. The first period covers 18 months and includes reprocessing existing 3D seismic data and shooting more seismic if required. Two other periods of a combined 6 years require drilling two exploratory wells.