BAKU, Azerbaijan, April 3. Growing LUKOIL’s
share within the Shah Deniz fuel venture in Azerbaijan to 19.99 %
from 10 % two years in the past (this deal was closed in early 2022)
allowed the corporate to develop its overseas fuel manufacturing portfolio
beneath the worldwide SEC (Securities and Change Fee)
reporting system, Development stories.
“Concerning worldwide initiatives, fuel manufacturing in 2023
elevated by 0.6 %, reaching 17 billion cubic meters, as a result of
the rise in LUKOIL’s share within the Shah Deniz venture in
Azerbaijan in 2022, in addition to the impact of Manufacturing Sharing
Agreements (PSA) within the situations of fuel value discount in 2023,”
the corporate’s report mentioned.
To notice, fuel manufacturing at Shah Deniz has been ongoing since
December 2006, primarily based on a contract signed in 1996.
At present, the venture members are bp (29.99 %),
SOCAR (21.02 %), Lukoil (19.99 %), NICO (10 %),
and TPAO (19 %).
The reserves of Shah Deniz are estimated at 1.2 trillion cubic
meters, with one-sixth of the reserves extracted.
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