BowLeven to End $500 Million Pact With Petrofac in Cameroon
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BowLeven Plc, the U.K. oil explorer focusing on Cameroon, will end its strategic alliance with Petrofac Ltd. after selling part of its project in the country.
BowLeven today agreed to sell part of the Etinde Permit off the coast of the west African nation for about $250 million to OAO Lukoil, Russia’s second-largest oil producer, and New Age (African Global Energy) Ltd. The explorer will now start talks on ending the accord with Petrofac, which in 2012 agreed to provide as much as $500 million for the oil and gas field development, according to BowLeven.