Russian oil giants to return to exploration in Cameroon

Russian oil giants Lukoil could soon return to the oil and gas exploration project located in Cameroonian waters, according to an official press statement from Scottish surveyors, Bowleven.

The Scottish company announced yesterday its intention to sell 50 per cent of the 75 per cent stake in its oil and gas field located in the Etinde area, for $250 million (roughly 112 billion CFA francs).

Lukoil is presented as the main potential buyer in the transaction and will buy a 37.5 per cent stake in Bowleven and Camop, the Cameroon subsidiary of NewAge group (which operates in several African countries), should take the remaining 12.5 per cent.

If the General Assembly Bowleven and the Cameroon government does not object to mark the transaction, the company would collect $170 million (76.5 billion CFA francs) to the signing of the contract, a second lot of $40 million after feasibility studies have been carried out and a final instalment of another $40 million after evaluating the potential of two oilfield wells.

Kevin Hart, the Director of Bowleven, said: "We are proud of the substantial progress we have made in the area of Etinde.

The operating license is granted and pending a more formal graduation, we think it was time to intervene strategic partners.

“I am delighted that Lukoil regards the adventure with its Cameroonian partner as high value. The joint venture it carries with NewAge will realize the full potential of these wells world-class."

Remember that even if Lukoil is a Russian citizen, it is a completely private company which is listed on the financial markets of London and New York.

The progress of this giant in the Gulf of Guinea will not fail to attract the attention of geostrategic experts. Today this geographical area includes companies of all major energy powers (France, USA, China and now Russia).