Perenco Refused To Join The Project In Cameroon With The Participation Of Lukoil
Another shareholder of the project, the British Bowleven, began negotiations with the joint venture partners on an updated work plan for the field.
The Anglo-French company Perenco refused to buy New Age’s share in the Etinde oil and gas project in Cameroon, in which the Russian Lukoil participates. This was announced by another shareholder of the project – the British Bowleven.
“Bowleven <…> announces that today the operator of the Etinde joint venture, New Age, announced that it has received notice from a subsidiary of Perenco that it has terminated the deal with the terms for the sale of New Age’s share and operatorship in the Etinde project,” the statement said.
Bowleven has begun negotiations with its joint venture partners on an updated work plan for the field. “The termination of the agreement between New Age and Perenco is regrettable as we believed it would have allowed Etinde to accelerate its development. We now need to review the proposed development plan with our partners and regulators to assess what is needed to make a final investment decision,” said the head of Bowleven. Eli Chain.
It was previously reported that Perenco could complete its entry into the Etinde project in late 2023 or early 2024.
In June 2022, New Age agreed to sell its 37.5% in the project and transfer the operatorship to Perenco, but the deal was never completed because it required compliance with a number of conditions, including regulatory approval. As Bowleven clarified, the agreements on the deal expired in July 2023, but New Age and Perenco informally agreed to extend it until completion of the deal became possible.
