Lukoil Buys 25% Stake in Congo License for $800 Million

06/06/19 09:06 AM EDT

By Oliver Griffin

 

Lukoil PJSC (LKOH.MZ) on Thursday said it has agreed to acquire a 25% interest in the Marine XII license in the Congo for $800 million in cash, subject to approval.

The Russian oil company said the license covers five discovered fields containing 1.3 billion barrels of oil equivalent in proved and probable reserves.

Lukoil said the project is already free cash flow positive and in line with its M&A strategy.

 

Write to Oliver Griffin at oliver.griffin@dowjones.com; @OliGGriffin

 

(END) Dow Jones Newswires

June 06, 2019 09:06 ET (13:06 GMT)

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