LUKOIL To Acquire 25% Interest In SWAP Exploration Project From Bp - Quick Facts

(RTTNews) - PJSC LUKOIL (LUKOY.PK), on Tuesday, signed an agreement to acquire a 25% participating interest in the Shallow Water Absheron Peninsula exploration project from bp (BP.L, BP_UN.TO, BP). Bp will remain operator of the project, holding a 25% interest. SOCAR, the State Oil Company of the Azerbaijan Republic, will hold the remaining 50% share.

The SWAP project area is located in the shallow waters south of the Absheron Peninsula in the Azerbaijan sector of the Caspian Sea. The first exploration well in the North Khali prospective area was spudded in August 2021.