Taleveras, LUKOIL sign agreement to develop Block CI-504, offshore Ivory Coast

Africa-based independent oil and gas company Taleveras has entered into a farm-out agreement with Russia’s private oil company LUKOIL for the exploration, development and production of block CI-504 located offshore Ivory Coast.

As part of the agreement, LUKOIL has acquired a 65% stake in the block development project. Block CI-504 is spread over 399km² in water depths ranging from 800m to 2,100m.

The field is located near the producing Baobab oil field, which is situated about 25km off the coast of Cote d’ Ivoire (Ivory Coast).

The CI-504 block development program as per the agreement is divided into three periods. The first exploration period involves interpreting historical 2D and 3D seismic data and acquiring additional 3D seismic by January 2014.

The other two periods spread over a span of five years will involve drilling of two exploration wells in the block.

Post the agreement, LUKOIL owns 65%, Taleveras retains 25% and PETROCI, the national oil company of the Ivory Coast holds the remaining 10% interest in the block.

Taleveras signed a memorandum of understanding with PETROCI for collaboration in upstream activities on the Ivory Coast in July 2011.