Russia's Lukoil Completes Purchase of Stake in Offshore Oil Project in Mexico
02.28.2022 By Ricardo Perez - NEWS

February 21, 2022 [Reuters] – Russia’s second-largest oil producer Lukoil (LKOH.MM) said on Friday it has completed its acquisition of a 50% operator interest in an offshore oil project in Mexico, part of its drive to expand its global reach.


The company said it finalised the deal to buy the stake in the Area 4 project by acquiring the operator’s holding company following approval by local authorities.

Lukoil put the transaction value at $435 million plus expenditures of $250 million.
Register now for FREE unlimited access to

The project includes two blocks, which are located 42 kilometres offshore in the Gulf of Mexico. Two oilfields – Ichalkil and Pokoch – are located within the blocks. The recoverable hydrocarbon reserves of the fields amount to 564 million barrels of oil equivalent, more than 80% of which is crude oil.

Production at the fields started in the fourth quarter of 2021, while current average daily oil production has exceeded 25,000 barrels.

The project is being developed in three phases, with a peak daily production rate estimated to be more than 115,000 barrels of oil equivalent. The partner in the project is PetroBal, the oil and gas subsidiary of Mexican conglomerate GrupoBAL, with the remaining 50% interest.

Pro Trial: Access 10,390 Tank Terminal and Production Facilities
10,390 tank storage and production facilities as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

No-shipping Zone Established In Baltic Sea After Nord Stream Gas Leak
10.05.2022 - NEWS
October 5 , 2022 [Safety 4 Sea] – Denmark imposed a no-shipping zone in Baltic Sea after Nord ... Read More
US EPA Revokes Permit For Oil Terminal Off Texas
10.05.2022 - NEWS
October 5 , 2022 [Safety 4 Sea] – The U.S. Environmental Protection Agency (EPA) has revoked th... Read More
Eesti Gaas CEO: Gas Market Competitiveness Needs Access to LNG Terminal
10.05.2022 - NEWS
October 5 , 2022 [ERR News] – The CEO of natural gas supplier Eesti Gaas, Margus Kaasik, says t... Read More
OPEC & Allies Alert to Changes in Crude Oil Market: Official
10.05.2022 - NEWS
October 5, 2022 [Ukranews] – The secretary general of the Organization of the Petroleum Exp... Read More