Russia’s second-largest oil producer Lukoil (LKOH.MM) said on Friday it has completed its acquisition of a 50% operator interest in an offshore oil project in Mexico, part of its drive to expand its global reach. The company said it finalised the deal to buy the stake in the Area 4 project by acquiring the operator’s holding company following approval by local authorities. Lukoil put the transaction value at $435 million plus expenditures of $250 million. The project includes two blocks, which are located 42 kilometres offshore in the Gulf of Mexico. Two oilfields – Ichalkil and Pokoch – are located within the blocks. The recoverable hydrocarbon reserves of the fields amount to 564 million barrels of oil equivalent, more than 80% […]