Russian energy multinational LUKOIL and the government of Equatorial Guinea signed a Memorandum of Understanding on Wednesday at the Russia-Africa Summit and Economic Forum, establishing a framework for joint cooperation in oil and gas exploration.
The agreement was signed by Equatorial Guinea’s Minister of Mines and Hydrocarbons H.E. Gabriel Mbaga Obiang Lima and President of LUKOIL Vagit Alekperov.
The agreement lays the foundation for LUKOIL to participate in exploration and production activities in the country, as well as to apply its technical and commercial expertise in Equatorial Guinea through the in-depth evaluation of a large number of existing assets.
Technical teams from both parties are expected to commence activities before the end of the year.