Lukoil Buys 50% Stake in Area 4 Oil Project Offshore Mexico
February 25 2022 - 3:11AM
Dow Jones News
By Jaime Llinares Taboada
Lukoil PJSC said Friday that it has completed the acquisition of
a 50% stake in the Area 4 oil project offshore Mexico for $435
million plus expenditures of around $250 million.
The project includes two fields with recoverable hydrocarbon
reserves of 564 million oil-equivalent barrels, more than 80% of
which is crude oil, the Russian oil company said.
Production started in the fourth quarter of 2021 and the current
rate exceeds 25,000 barrels a day. At its peak, Area 4 is expected
to produce more than 115,000 barrels of oil equivalent a day.
PetroBal, a subsidiary of Mexican conglomerate GrupoBAL, owns
the remaining 50% interest in the project.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
February 25, 2022 02:56 ET (07:56 GMT)
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