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LUKOIL completed $1.45 bln deal, increased ownership in Shah Deniz project

The Shah Deniz gas condensate field is located in the Azerbaijan sector of the Caspian Sea, 70 km southeast of Baku

LUKOIL completed $1.45 bln deal, increased ownership in Shah Deniz project

Source: Lukoil

Moscow, February 18 - Neftegaz.RU. LUKOIL announced today the completion of the transaction of buying a 9.99% interest in the Shah-Deniz gas project from Malaysian Petronas.
The transaction value is approximately $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 (29.99%, operator), TPAO (19%), SOCAR (14.35%), NICO (10%) and SGC (6.67%).​

In July 2021, Shah Deniz consortium started production from the East South flank at 540 m water depth – the biggest milestone planned for the project this year.

In 2021, the field produced around 23 billion standard cubic metres (bscm) of gas and more than 4 million tonnes (around 34 million barrels) of condensate in total from the Shah Deniz Alpha and Shah Deniz Bravo platforms.

During the year, the Shah Deniz field continued to provide deliveries of gas to markets in Azerbaijan (to Azerkontrakt), Georgia (to GOGC), Turkey (to BOTAS), to the BTC Company in multiple locations and to buyers in Europe.

The existing Shah Deniz facilities’ production capacity is currently about 72 million standard m3 of gas per day or more than 26 bcma.
Since December 2020, it is also delivered to Europe.

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