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Russia’s Lukoil to invest $900m in Ghana, Ivory Coast, Sierra Leone oil field projects

Russian oil giant, Lukoil will be pumping up to $900 million into oil field projects in Ghana, Ivory Coast and Sierra Leone, the Russian Today news publication reported December 14, 2011.

According to the publication, investment in the new projects in Ghana and Sierra Leone has already increased 54% in the first nine months of the year (2011) and was about $205 million.

It cited Lukoil’s Vice Chief Executive Officer, Leonid Fedun, saying that the West African projects could yield up to six billion barrels of oil and gas.

Lukoil has 56.66% stake in Ghana’s Cape Three Points Deep Water with America’s Vanco Energy having 28.34% stake and the Ghana National Petroleum Corporation (GNPC) 15%.

On December 8, 2011, Lukoil together with Vanco and Petroci Holding announced a discovery of oil offshore Ivory Coast.

By Ekow Quandzie

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  1. Let us see what is going to happen