Russian oil company LUKOIL has confirmed its intention to invest in the Republic of Congo. In the beginning of October Ivan Romanovsky, Vice President of the Company for America, West Africa and Europe met with Calixte Nganongo, Congolese Minister of Finance.
The parties discussed LUKOIL’s ongoing projects (Marine XII operated jointly with ENI-Congo) and further opportunities for investment, which include the exploration of Marine XXXI A/B and Marine XXIV blocks. As stated by Romanovsky, the partners will present the exploration strategy to the Congolese Ministry soon.
Although LUKOIL views an opportunity to export from the Marine blocks, existing hydrocarbon reserves there have not provided the opportunity to do so yet.
Although LUKOIL views an opportunity to export from the Marine blocks, existing hydrocarbon reserves there have not provided the opportunity to do so yet. That’s when we draw attention to Marine XXXI A/B and Marine XXIV. Have the partners bet on expansion of the reserve base in order to return to the export opportunities?