Akin Gump Advises LUKOIL in $435 Million Gulf of Mexico Project

(Moscow) - PJSC LUKOIL has announced the entry into an agreement to acquire a 50 percent operated interest in the Area 4 project in Mexico through the acquisition of the operator's holding company. The transaction value is $435 million plus expenditures incurred in 2021 as of the transaction completion date. A team from Akin Gump advised LUKOIL on the transaction, the completion of which is subject to certain conditions, including approval by the Mexican authorities.

The project includes two blocks, 58 square kilometers in total, which are located 42 kilometers offshore Mexico in the Gulf of Mexico. The recoverable hydrocarbon reserves of the fields amount to 564 million barrels of oil equivalent, more than 80 percent of which is crude oil.

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The cross-office Akin Gump team advising LUKOIL was led by Moscow office partner in charge Natalia Baratiants and Houston partner David Sweeney. They were joined by New York corporate partner Stephen Kuhn, Moscow corporate senior counsel Alexander Trukhtanov, Houston counsel Eduardo Canales and associate Leana Garipova; New York financial restructuring partner Abid Qureshi and counsel Christina Brown; and Washington, D.C. international trade partner Nnedinma Ifudu Nweke.

Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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