Offshore staff
MOSCOW – Lukoil has agreed to acquire a 25% interest from bp in the Shallow Water Absheron Peninsula (SWAP) exploration project in the Azerbaijani sector of the Caspian Sea.
The deal should go through before the end of the year, pending approval from Azerbaijan’s government, with bp (25%) remaining as operator, and state oil company SOCAR holding 50%.
The PSA contract area extends over the margins of the Caspian basin to the south of the Absheron peninsula, in water depths of up to 40 m (131 ft) with potential reservoirs thought to lie at depths of 3,000-5,000 m (9,842-16,404 ft). Plans include exploratory drilling in three prospective areas.
Gary Jones, bp's regional president for Azerbaijan, Georgia and Turkey, said: “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 program…”
10/04/2021
