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Lukoil increases stake in Shah Deniz project

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Oilfield Technology,


Lukoil has acquired a further 15.5% interest in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea from Petronas.

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%).


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Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/08102021/lukoil-increases-stake-in-shah-deniz-project/

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Upstream news Offshore news Upstream project news Oil & gas news