Lukoil assumes control of Mexican offshore field

Mexico

MEXICO CITY, February 4, 2022 – Russian E&P multinational Lukoil has assumed corporate control of the Area 4 concession licence in Mexico, local media announced on Wednesday.

The block containing the Ichalkil and Pokoch shallow-water fields will remain operated by North American upstream player Fieldwood Energy.

The two fields hold estimated recoverable reserves of 564 million boe, with 80% reported to be crude oil.

The Area 4 project is being carried out under a 25-year PSA signed in 2016.

Fieldwood Energy is an E&P company focused on the Gulf of Mexico, where it has been developing Area 4 ahead of the completion of a buyout of its shares by Lukoil in July 2021.

Lukoil bought a 50% stake in the development for USD 435 million in July 2021.

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