Lekoil entered into a commercial offtake agreement with Shell Western Supply and Trading, a subsidiary of Royal Dutch Shell. The offtake agreement is for crude liftings from Lekoil’s Otakikpo field in Nigeria.
Pricing of the crude will be determined at future spot market prices, net of marketing costs.
The offtake contract allows Shell to undertake the lifting of Otakikpo crude from the FSO Ailsa Craig. Lekoil expects the first lifting from the IMA Terminal to commence early in Q2.