The value of the transaction will amount to US$2.25 billion, and the completion is subject to fulfilment of conditions precedent, including approval by SOCAR, the State Oil Company of the Azerbaijan Republic.
Following completion of the sale, Lukoil's interest in the project will increase from 10% to 25.5%. The other parties to the project are BP (operator, 28.8%), TPAO (19%), SOCAR (10%), NICO (10%), and SGC (6.7%).
Read the latest issue of Oilfield Technology in full for free: Issue 3 2021
Oilfield Technology’s third issue of 2021 starts with a report from Wood Mackenzie focusing on the upstream industry’s fortunes in Asia-Pacific. The rest of the issue is dedicated to features covering offshore engineering, coiled tubing, frac technology, completion technologies, water management, well placement and much more.
Exclusive contributions come from Wild Well Control, Cudd Pressure Control, TMK, NOV, Archer, Tendeka, TETRA Technologies and more.
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/08102021/lukoil-increases-stake-in-shah-deniz-project/