PJSC LukOil LUKOIL Increases Its Share in Shah Deniz Project (4073O)
07 Octubre 2021 - 9:30AM
UK Regulatory
TIDMLKOD
RNS Number : 4073O
PJSC LukOil
07 October 2021
LUKOIL INCREASES ITS SHARE IN THE SHAH DENIZ PROJECT
IN THE CASPIAN SEA
PJSC LUKOIL announces conclusion of an agreement on acquiring
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 $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%).
"Around thousand Russian businesses, including LUKOIL, are
involved in implementation of the Action Plan for Development of
Key Vectors of Cooperation between Russia and Azerbaijan, which was
signed in 2018 during the meeting of the two national leaders.
Increasing our share in the Shah Deniz project creates new
opportunities for synergy in future-oriented economy sectors of our
countries. Over 25 years, LUKOIL accumulated enormous experience in
the Caspian region, which we perceive as strategically important,
as well as created extensive production and transport
infrastructure. We are proud of the confidence placed in our
competences by Caspian countries, which are among leaders of oil
and gas production, regarding implementation of high priority
international projects," said Vagit Alekperov, President of PJSC
LUKOIL.
For reference:
The Shah Deniz gas condensate field is located in the Azerbaijan
sector of the Caspian Sea, 70 kilometres southeast of Baku.
The project is implemented under a PSA; commercial production
there began in 2006. In 2020, Shah Deniz consortium extracted 18.1
bcm of gas and 3.6 million tonnes of gas condensate.
In 2018, the second stage of the project was launched, with
annual production expected to reach 26 bcm of gas and 5 million
tonnes of gas condensate. The gas is sold on the markets of
Azerbaijan, Georgia, and Turkey. Since December 2020, it is also
delivered to Europe via a pipeline system.
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