Akin Gump has advised PJSC Lukoil on its USD 800 million acquisition of a 25% interest in the Marine XII License in the Republic of Congo from New Age M12 Holdings Limited. Clyde & Co advised New Age M12 Holdings on the transaction, which was signed on June 6, 2019, and is subject to several conditions, including the approval by the government of the Republic of Congo.
The Marine XII License is located offshore of the Republic of Congo and covers five discovered fields containing reserves equaling 1.3 billion barrels of oil. The license is based on a production sharing contract, with Eni as the project's operator.
The Akin Gump team advising Lukoil was led by Moscow Partner Natalia Baratiants and London Partner Julian Nichol and included Moscow Senior Counsel Alexander Trukhtanov.
The Clyde & Co team included Partners Michael Wachtel and Philip Mace, Legal Director Andrew Chadwick, Senior Associate David Anthony, Associate Julia Vaynzof, and Junior Associate Bella Hanif.