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

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

The Russian oil and company has now increased its stake in the Shah-Deniz field in the 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 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.

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 project. Photo courtesy of LUKOIL.

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

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

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