Lukoil and partners discover oil offshore Cote d’Ivoire


Vanco Cote d'Ivoire, in partnership with Lukoil Overseas Cote d'Ivoire and Petroci Holding, has discovered oil in block CI-401, offshore the Ivory Coast.

The block's Independance-1X exploration well penetrated the targeted objective and found a series of good-quality sandstones containing light oil and gas condensate.

The full analysis of well results, including wire line logs, reservoir pressures and fluid samples, confirms that the well penetrated 8m of hydrocarbon pay in good-quality Turonian-age sandstone.

Hydrocarbon samples recovered from the Independence-1X well indicate a 40° API gravity.

Independance-1X was drilled in a water depth of 1,689m, approximately 93km south-east of Abidjan. The well will be temporarily abandoned at a total depth of 4,132m.

The well is the second exploration well to be drilled in block CI-401, which encompasses an area of 619km2, in water depths ranging from 950m to 2,100m.

The Ivory Coast Government, Vanco Cote d'Ivoire and Petroci Holding signed a production sharing contract covering block CI-401 on 30 September 2005.

Lukoil Overseas Cote d'Ivoire joined the block in 2007.

Vanco owns a 28.34% participating interest in the block, Lukoil has 56.66%, and state-owned Petroci Holding has a 5% participating interest and a 10% carried interest.

Lukoil will continue the analysis of the discovery, its scale and development prospects in order to make a further investment decision for the project's commercialisation.

Lukoil and PetroVietnam signed a memorandum of understanding that states that the companies will work together in the area of hydrocarbon exploration, development and production in countries including Vietnam and Russia.