Equatorial Guinea and Russia's Lukoil continue their talks on the development of EG-27 block, the Russian energy giant should decide whether to take part in the project by July, Equatorial Guinea's Mines and Hydrocarbons Minister Gabriel M. Obiang told Sputnik
MOSCOW (Pakistan Point News / Sputnik - 03rd June, 2020) Equatorial Guinea and Russia's Lukoil continue their talks on the development of EG-27 block, the Russian energy giant should decide whether to take part in the project by July, Equatorial Guinea's Mines and Hydrocarbons Minister Gabriel M. Obiang told Sputnik.
"We are still in talks with Lukoil, we had recently a video conference, where I discussed with them our view ... We want to give them some time to make the decision. But the period is coming to a limit. Probably by July we should make a decision either Lukoil deal will continue forward, or we will recover that area and promote it again for any other party interested," Obiang said in an interview when asked about the EG-27 block, located offshore, in the Niger Basin.
As Lukoil had to slash its output due to Russia's commitments under the OPEC+ deal, reached in April, the energy giant now has to re-evaluate its activities, which may impact decision-making on the EG-27 block, the minister said.
"They are still considering, we're still considering, a lot of factors have changed. So, I think more logical thing to do is to be able to think about doing more restudies evaluations. And that's where it's going to be taking from this year, 2021, with the aim that maybe next year, if we have a deal, that's when Lukoil will make the decision of what is the best concept," Obiang added.
