LUKOIL acquires interest in SWAP exploration project from bp

PJSC 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 deal is expected to complete before the end of 2021, following its approval by the government of Azerbaijan.

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After the completion of the sale, bp will remain operator of the project, holding a 25% interest. The third party to the project is SOCAR, the State Oil Company of the Azerbaijan Republic, with a 50% share.

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