November 7, 2012 / 12:32 PM / in 5 years

Russia's LUKOIL expands presence in Sierra Leone

MOSCOW, Nov 7 (Reuters) - Russia’s No.2 crude producer LUKOIL said on Wednesday it has joined another offshore oil project in Sierra Leone as it seeks to secure overseas reserves to offset declining production in Russia.

LUKOIL said it acquired a 25 percent stake in the geological exploration, development and production project at the SL-4B-10 offshore block in the Gulf of Guinea. It already operates an offshore block in Sierra Leone.

LUKOIL bought the stake in the new project from Canada’s Talisman Energy, the project operator. Its partners in the project are Malaysia’s Petronas with a 25 percent stake and Britain’s Prontinal Ltd with 20 percent.

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