The Russian oil company LUKOIL signed an agreement to acquire a 25% participation in the SHALLOW ABSHERON PENINSULA (SWAP) in the Azerbaijani sector of the Caspian Sea.
According to the British company, the closure of the transaction is expected in the fourth quarter of 2021 after receiving the approval of the Government of Azerbaijan. After closing the BP transaction, the project operator will remain with a share of 25%. The third member of the project is the State Oil Company of Azerbaijan (SOCAR) with a share of 50%.
“The project is responsible for the national interests of Russia and Azerbaijan on the development of international cooperation in the field of energy. I am confident that the accumulated scientific and technical potential of partners participating will give an additional impetus to the development of a potentially promising area in the shallow water of the Absheron Archipelago”, – The word president LUKOIL Vagit Alekperova is given in the release of the Russian company.
And the regional president of BP on Azerbaijan, Georgia and Turkey Gary Jones said that in the company “We are glad to welcome LUKOIL as a new SWAP project in the continuation of our fruitful relations on the project Shahjeniz.”
The draft Shallow Water Absheron Peninsula (SWAP) is located on shallow water to the south of the Absheron Peninsula in the Azerbaijani sector of the Caspian Sector. The project was signed between BP and SOCAR in December 2014. In 2016, 3D seismic survey was conducted, according to the results of which three promising areas were allocated – North Hali, Bibi-Eybat East and Garabatdag. The depth of water in the area of the plots does not exceed 40 meters.