Russia’s Lukoil has announced that it has plans to develop an oilfield in Nigeria with the USA explorer Chevron
Both companies have, however, not yet divulged into the details of the project.
Vagit Alekperov, chief executive at Lukoil, said, “We have decided to enter a joint block with Chevron in a project in Nigeria, which we consider to be promising.”
The deal is reportedly seen as part of Lukoil’s push to seek opportunities away from Russia’s state-dominated oil sector. The Russian firm also hopes to double its oil output outside of Russia due to its most ambitious project, West Qurna-2, in Iraq.
According to Chevron’s website, the Aparo field and the third-party-owned Bonga South West field in Nigeria share a common geological structure. It plans joint development for both.
Alekperov added that Lukoil expects its dividend payments next year to be at the same level as in 2014, while its investment programme will be cut by US$2bn to US$14bn.
Major oil companies have trimmed spending as oil prices drop, Reuters reported.