Russia's Lukoil Acquires 40% Stake In RSSD Project Offshore Senegal For $300Mln

MOSCOW (UrduPoint News / Sputnik - 27th July, 2020) Russia's energy giant Lukoil announced on Monday that it purchased a 40 percent stake in the RSSD project offshore Senegal for $300 million.

"Lukoil ... has reached an agreement with Cairn Energy PLC company on acquiring a 40 percent stake in the RSSD project (Rufisque, Sangomar and Sangomar Deep) in the Republic of Senegal. The deal value amounts to $300 million," Lukoil said in a statement.

The agreement provides for a possible payment of bonus, in the amount of up to $100 million, to Cairn Energy PLC after the start of production.

The deal will be closed upon fulfillment of suspensive conditions, including approval of the Senegalese government.

"Acquisition of a stake in a project with an explored resource base at an early development stage is fully consistent with our strategy and enables us to strengthen our presence in West Africa. Through engagement in a project with professional international partners, we will gain additional experience in working at offshore regional fields," Lukoil President Vagit Alekperov said, as quoted in the statement.