Akin Gump Advises LUKOIL on Its Investment in Cameroon Shelf Oil and Gas Project
(London) – Akin Gump is advising LUKOIL in relation to its acquisition of a 37.5 percent interest in the Etinde Permit, offshore Cameroon, from Bowleven plc, the Africa-focused oil and gas exploration group traded on AIM.
The Etinde contract area is located in the Gulf of Guinea near the border with Equatorial Guinea and includes three license blocks for the extraction of oil and gas with a total area of 2,300 sq.km.
Alongside LUKOIL, British company NewAge (African Global Energy) Limited, already the holder of a 25 percent stake, acquires an additional 12.5 percent interest in the Etinde Permit from Bowleven. Camop, a wholly owned subsidiary of NewAge, will become operator of the Etinde Permit following completion.
The conditional agreement is subject to regulatory approval by the Cameroon government and Bowleven shareholders.
The Akin Gump team advising LUKOIL is led by Moscow energy partner Natalia Baratiants and London corporate and energy partner Marc Hammerson and is drawn from the firm’s London and Moscow offices.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 850 attorneys in offices throughout the United States, Europe, Asia and the Middle East.