Lukoil, Russian largest privately held oil company, is backing away from its exploration project in Sierra Leone.
The company is reportedly abandoning Sierra Leone following disappointing exploration results.
To remind, in 2011, Lukoil, through its wholly owned subsidiary Lukoil Overseas as the Operator with a 49% share, entered the production sharing agreement (PSA) for exploration and development of SL-5-11 block, offshore Sierra Leone. The drilling of the first exploration well with a semi-submersible drilling rig Eirik Raude was completed in 2013.
This block, covering an area of 4,022 square kilometers, is located on the shelf and continental slope of the Atlantic Ocean at a water depth ranging from 100 to 3,300 meters.
Offshore Energy Today has reached out to Lukoil seeking confirmation of these reports and more information. We will update the article should we get a response.
Offshore Energy Today Staff