Lukoil Eyes Stake in Hess Project Offshore Ghana

June 23, 2014

Lukoil and US independent Hess Corp. are said to be in talks regarding a project offshore Ghana. Lukoil is considering picking up a stake in Hess’ Deepwater Tano/Cape Three Points Block. The Russian firm already holds acreage in Ghana as operator of the Cape Three Points Deep Water (CTPDW) Block with a 56.66% interest.

“Lukoil is interested in the Deepwater Tano/Cape Three Points project operated by Hess,” a source told Reuters. The Hess project, located about 70 km offshore Ghana, is 90% owned by Hess, and remaining 10% being held by state-run oil firm GNPC. Hess started pre-development studies on the block after finishing drilling its seventh well last year.

Lukoil entered the CTPDW in July 2006 and is partnered with PanAtlantic Exploration (formerly Vanco) and GNPC. A new framework agreement on the project was signed in June 2009 and in 2010-2011 three deepwater exploration wells were drilled in the CTPDW block on the Dzata and Cheetah prospects which discovered an oil and gas condensate field, confirming the presence of a petroleum system with a thick series of high-quality sand reservoirs. While a petroleum system was discovered the partners have failed to discover any commercial hydrocarbon reserves as yet. A new stage of exploration drilling is scheduled for this year.

Copyright, Petroleum Africa , 2014.