Lukoil buys 25% in Caspian exploration project SWAP from BP

MOSCOW, Sep 29 (PRIME) -- Russian oil major Lukoil has acquired a 25% stake in geological exploration project SWAP in the Azerbaijani sector of the Caspian Sea from BP, the company said in a statement on Wednesday.

“Lukoil signed an agreement on acquiring a 25% participating interest in the Shallow Water Absheron Peninsula (SWAP) exploration project in the Azerbaijan sector of the Caspian Sea from BP,” the company said.

The deal is subject to approval by the government of Azerbaijan and may be closed before the end of 2021,” the company said.

Following the deal’s closure, BP will remain the operator of the project with a stake of 25%. Azerbaijan’s state oil company SOCAR is the third participant of the project, with a stake of 50%.

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