Taleveras, Russian Lukoil sign upstream pacts for Ivory Coast Oil acreage

African Independent oil and gas company Taleveras has signed a Farm-Out Agreement with a subsidiary of LUKOIL, Russia’s largest private oil company, for Block CI-504 in Ivory Coast. PETROCI, the national oil company of Ivory Coast, also holds interest in the Block. Block CI-504 is located in close proximity to the producing Baobab field. The area of the block is 399 square kilometers, water depth ranges from 800 to 2100 meters. In the south CI-504 borders on block CI-205 which is already operated by LUKOIL.

The committed work program includes three periods, the first exploration period calls for the interpretation of historical 2D and 3D seismic data as well as additional 3D seismic acquisition by January 2014. Two other periods covering five years in total provide for the drilling of two exploration wells.

Taleveras signed an MOU with PETROCI for collaboration in upstream activities in Ivory Coast in July 2011. Since then Taleveras has signed Production Sharing Contracts with PETROCI for 3 exploration blocks offshore Ivory Coast. Taleveras is a diversified energy and infrastructure conglomerate concentrating on oil & gas exploration, production, trading and supply, with further activities in power and construction. Active across the globe, Taleveras’ offices are located in London, Geneva, Abuja, Lagos, Abidjan, Cape Town and Dubai. The company is privately owned. LUKOIL is Russian major international vertically-integrated oil & gas company. PETROCI has been the national oil company of Ivory Coast since 1975.