Lukoil Buys 50% Stake in Area 4 Oil Project Offshore Mexico

By Jaime Llinares Taboada

Lukoil PJSC said Friday that it has completed the acquisition of a 50% stake in the Area 4 oil project offshore Mexico for $435 million plus expenditures of around $250 million.

The project includes two fields with recoverable hydrocarbon reserves of 564 million oil-equivalent barrels, more than 80% of which is crude oil, the Russian oil company said.

Production started in the fourth quarter of 2021 and the current rate exceeds 25,000 barrels a day. At its peak, Area 4 is expected to produce more than 115,000 barrels of oil equivalent a day.

PetroBal, a subsidiary of Mexican conglomerate GrupoBAL, owns the remaining 50% interest in the project.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

February 25, 2022 02:56 ET (07:56 GMT)

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