The President of LUKOIL, Vagit Alekperov, and the Minister of Mines and Hydrocarbons of the Republic of Equatorial Guinea, Gabriel Mbaga Obiang Lima, yesterday signed a memorandum of understanding (MoU) at the Russia–Africa Summit in Sochi, Russia.
The MoU lays the basis for LUKOIL’s potential participation in projects to explore and produce hydrocarbons in Equatorial Guinea.
Active in Africa since 1995, LUKOIL has mainly developed projects in West and Central African countries, including Ghana, Cameroon, the Democratic Republic of Congo and Nigeria.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/24102019/lukoil-signs-mou-for-hydrocarbon-exploration-and-production-with-equatorial-guinea/
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Part of the company's 10-year plan includes a free cash flow of approximately US$50 billion based on a real WTI price of US$50/bbl and annual capital expenditures averaging less than US$7 billion over the decade.