Shah-Deniz gas project : Lukoil wraps up $1.45bn deal to increase stake by 10%

By on Comments Off on Shah-Deniz gas project : Lukoil wraps up $1.45bn deal to increase stake by 10%

PJSC Lukoil has wrapped up the previously announced $1.45 billion acquisition of an additional 9.99% stake in the Shah-Deniz gas project, offshore Azerbaijan from Petronas.

The Russian oil and gas company has now increased its stake in the Shah-Deniz field in the Caspian Sea from 10% to 19.99%.

The deal was announced last October under which Lukoil was to acquire an additional 15.5% stake in the offshore gas and condensate field from Petronas for $2.25 billion. In December 2021, the deal was amended with Lukoil to acquire an additional 9.99% stake for $1.45 billion.

See also  Halliburton bags digital transformation contract from PTTEP
Lukoil wraps up $1.45bn deal to increase stake by 10% in Shah-Deniz gas project
Lukoil wraps up $1.45bn deal to increase stake by 10% in Shah-Deniz gas project. Photo courtesy of LUKOIL.

The other stakeholders in the Shah-Deniz gas project are bp, which has an operating stake of 29.99%, Turkish Petroleum Corporation (TPAO), which has a 19% stake, SOCAR (14.35%), Iran-based Naftiran Intertrade Company (10%), and SGC (6.67%).​

bp and SOCAR exercised their pre-emptive rights in the Shah Deniz project to increase their stakes by 1.1% and 4.35%, respectively.

See also  FAR Ltd takes full ownership of Blocks A2 and A5 in Gambian waters

Located 70km southeast of Baku, the Shah Deniz gas-condensate field had been in production since 2006.

  , , , , , , , ,

Shah-Deniz gas project : Lukoil wraps up $1.45bn deal to increase stake by 10% added by on
View all posts by Pallavi Madhiraju →

See also  Arche Solar project : BP begins construction on 134MWdc plant in Ohio

Discover more from Business-News-Today.com

Subscribe to get the latest posts sent to your email.