PJSC LukOil Further re Acquisition of Share in Shah-Deniz (1280C)
February 18 2022 - 3:00AM
UK Regulatory
TIDMLKOD
RNS Number : 1280C
PJSC LukOil
18 February 2022
LUKOIL COMPLETES THE DEAL ON ACQUIRING INTEREST IN SHAH-DENIZ
PROJECT
PJSC LUKOIL announces completion of the transaction of buying a
9.99% interest in the Shah-Deniz gas project from PETRONAS. The
transaction value amounted to $1.45 billion.
Following the completion of the deal, LUKOIL increased its share
in the project from 10% to 19.99%. Other parties to the project are
bp (29.9 9 %, operator), TPAO (19%), SOCAR (14.35%), NICO (10%) and
SGC (6.67%).
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 2021, Shah Deniz consortium extracted 22.7
bcm of gas and 4.2 million tonnes of oil and 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 oil and gas condensate. The gas is sold on the markets of
Azerbaijan, Georgia, and Turkey. Since December 2020, it is also
delivered to Europe.
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