- LUKoil Buys 25% in West Africa Offshore Bloc
- LUKoil Abandons Rosneft Shelf Talks, HK Listing
- LUKoil Ups Stake in Italian Refinery to 80% for €400 Mln
- LUKoil to Bid for Ukrainian Oil, Gas Shelf
- LUKoil Q1 Net Profit Up 7.7% to $3.79 Bln
MOSCOW, January 15 (RIA Novosti) – Russia’s largest independent crude producer LUKoil plans to invest 325 billion rubles (around $10 billion) in its existing shelf projects by 2021, LUKoil CEO Vagit Alekperov said on Tuesday.
“We planned to spend 325 billion rubles on the existing shelf projects over ten years, of which 6 billion rubles have already been invested,” Alekperov said.
LUKoil is currently working on the shelf of the West African states of Cote d’Ivoire, Ghana and Sierra Leone. LUKoil also has shelf projects on the Caspian Sea, in Rumania and Vietnam.
In Russia, only Russian companies with over 50 percent state ownership and no less than five years experience working in marine exploration are allowed to develop the country’s continental shelf. Only oil major Rosneft and gas giant Gazprom currently meet these requirements and can involve other companies in the shelf development through joint ventures.
LUKoil is also interested in new initiatives in West Africa and in shelf projects in Brazil, Alekperov said.
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: New "Watercolors" Train Exhibition in the Moscow Metro
Infographics: The Origin of Geomagnetic Storms
Cartoons: Dreams of Space
The failure of the Islamist political parties who came to power in the dramatic events of the Arab Spring would allow the military to reenter the political arena. Political Islam was successful in the opposition, but it could fail in power, as the negative experience of Egypt and Iraq have shown.