Omega Energy International announced the acquisition of Lukoil Overseas LTD, incorporated in the British Virgin Islands, which has exploration rights in the Condor oilfield through a concession agreement with Colombia’s Ecopetrol.
The agreement between Omega Energy International and Lukoil Overseas, signed the last week of October in the presence of both companies’ CEOs, includes the transfer of Lukoil’s entire stake to Omega
The 1,200 square mile Condor Block, a key component of Colombia’s oil map, is located in the western part of the Llanos oil basin. It’s currently operated by Lukoil through its branch in Colombia, which began drilling in 2005, and is currently in the exploration stage.
As a result of this acquisition, Colombia-based Omega confirms its strategic expansion plans and reaffirms its intention to become an industry leader by investing primarily in Colombia, while also developing exploration projects in other South American market, as well as in Africa.