Lukoil strengthens stake in Caspian Sea Shah Deniz project

Lukoil has completed its acquisition from Petronas of a 9.99% interest in the Shah-Deniz gas-condensate project in the Azerbaijani sector of the Caspian Sea, under a $1.45-billion transaction.
Feb. 22, 2022
(Courtesy Lukoil)
Production platform at the Shah-Deniz gas condensate field in the Caspian Sea.
Production platform at the Shah-Deniz gas condensate field in the Caspian Sea.

Offshore staff

MOSCOW, Russia – Lukoil has completed its acquisition from Petronas of a 9.99% interest in the Shah-Deniz gas-condensate project in the Azerbaijani sector of the Caspian Sea, under a $1.45-billion transaction.

Following completion, Lukoil has increased its share in the project to 19.99%. Other parties are bp (29.99%, operator), TPAO (19%), SOCAR (14.35%), NICO (10%), and SGC (6.67%).

Shah Deniz, 70 km (43.5 mi) southeast of Baku, started production in 2006. The projects’ second development phase started in 2018.

2/22/2022

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