Lukoil to buy stake in Sene­galese oil for $400m

The Daily Telegraph - Business - - Business -

UK oil com­pany Cairn En­ergy has sold its 40pc share in a Sene­galese oil and gas project to Rus­sia’s Lukoil for up to $400m (£311m). Lukoil will pay $300m up front, with a pay­ment of up to $100m af­ter the Ru­fisque, San­go­mar and San­go­mar Deep project starts pro­duc­ing. The site is es­ti­mated to have around 500 mil­lion bar­rels of oil.

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