By Joe Hoppe

 

Lukoil PJSC said Wednesday that it has agreed to acquire a 25% interest in the Shallow Water Absheron Peninsula exploration project in the Azerbaijan sector of the Caspian Sea from BP PLC for an undisclosed sum.

The Russian oil-and-gas company said the deal is expected to complete before the end of 2021, following its approval by the government of Azerbaijan.

After completing the sale, BP will remain operator of the project holding a 25% interest. The State Oil Company of Azerbaijan, or Socar, holds the remaining 50%.

"Lukoil's joining of the project of BP and Socar falls in line with both Russia's and Azerbaijan's national interests related to the evolvement of international cooperation in energy domain. I am convinced that all the scientific and technical resources gathered by the partners will boost development of the prospective area in the shallow waters of the Absheron Peninsula," Lukoil President Vagit Alekperov said.

 

Write to Joe Hoppe at joseph.hoppe@wsj.com

 

(END) Dow Jones Newswires

September 29, 2021 05:23 ET (09:23 GMT)

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