LUKOIL to enter exploration project in Caspian sea

LUKOIL to enter exploration project in Caspian sea

LUKOIL signed an agreement yesterday on acquiring a 25% participating interest in the Shallow Water Absheron Peninsula (SWAP) exploration project in the Azerbaijan sector of the Caspian Sea from BP.

The deal is expected to complete before the end of 2021, following its approval by the government of Azerbaijan. After the completion of the sale, bp will remain operator of the project, holding a 25% interest.

The third party to the project is SOCAR, the State Oil Company of the Azerbaijan Republic, with a 50% share.

"LUKOIL's joining of the project of bp and SOCAR falls in line with both Russia's and Azerbaijan's national interests related to the evolvement of international cooperation in energy domain. I am convinced that all the scientific and technical resources gathered by the partners will boost development of the prospective area in the shallow waters of the Absheron Peninsula," said Vagit Alekperov, PJSC LUKOIL President. ​

"We are pleased to welcome LUKOIL to the SWAP partnership, building on our successful relationship in the Shah Deniz project. We look forward to working closely with them and SOCAR on the exploration work programme, which, if successful, will deliver value to Azerbaijan and to our partnership," said Gary Jones, bp's regional president for Azerbaijan, Georgia and Turkey.

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