Russian oil and gas company Lukoil has completed the acquisition of a 25% stake in the Eni-operated Marine XII project in the Republic of Congo from New Age M12 Holdings Limited for $800 million in cash.

Litchendjili platform; Source: New Age

The transaction was announced in early June 2019. It was completed following the fulfillment of all customary conditions, including the approval by the government of the Republic of Congo, Lukoil said on Tuesday.

The Marine XII license covering 571 sq. km is located on the continental shelf of the Republic of Congo 20 km from the shore with the sea depth of 20-90 meters. The license covers five discovered fields containing 1.3 billion barrels of oil equivalent of proved and probable (2P) reserves according to international independent auditor.

Two fields, Nene and Litchendjili, launched in 2015, produce 28 thousand barrels of oil (mainly light and low-sulfur) and gas condensate per day, and 1.7 million cubic meters per day of marketable gas.

The Marine XII license is based on a production sharing contract. Eni is the project’s operator with a 65% stake. The project also involves the state company Société Nationale des Pétroles du Congo with a 10% stake.

Marine XII license map. Source: New Age