LUKoil in Talks With Hess to Buy Stake in Offshore Ghana Project

By The Moscow Times

June 18, 2014

LUKoil has the most foreign interests of any Russian energy company.

LUKoil is in talks with U.S. oil firm Hess Corp to buy a stake in its offshore project in Ghana, two sources close to the talks said, as part of its strategy to look beyond a closed Russian market.

LUKoil, a private company that is struggling to get a foothold in new major domestic fields largely taken by state firms, has the most foreign interests of any Russian energy company.

"LUKoil is interested in the Deepwater Tano/Cape Three Points project operated by Hess," one of the sources said.

The project, located about 44 miles (70 km) offshore Ghana, is 90 percent owned by Hess, and the rest belongs to Ghana National Petroleum Company. Hess started pre-development studies on the block after finishing drilling its seventh well last year.

The other source said LUKoil was considering buying a significant stake but not a majority stake.

LUKoil declined to comment. Hess did not immediately respond to a request for a comment.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue