Lukoil eyes '$400m' splash on Independence

Appraisal: Lukoil could spend $400m on Independence drilling this year

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By Luke Johnson & news wires

 25 February 2013 23:39 GMT

Russia's Lukoil will spend about $400 million this year drilling near the Indepndence discovery off Ivory Coast, according to a report.

"This year we will continue our work," company president Vagit Alekperov told journalists after meeting with Ivory Coast President Alassane Ouattara, Reuters reported.

"These three drills will give us lots of information on the continental basin and allow us to get a better idea of the discovery," he said.

Lukoil and US independent Vanco Energy discovered Independence in late 2011 in 1689 metres of water on licence CI 401. Anatoly Katoshin, Lukoil’s vice president of exploration, said its preliminary estimate of reserves at Independance is about 300 million barrels of oil.

Ivory Coast's Oil…

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