GDF Suez buys into LUKOIL Azeri project

Energy Trade

Russian oil company LUKOIL has sold France's GDF Suez a 15% stake in an offshore exploration project in Azerbaijan's sector of the Caspian Sea, LUKOIL's international arm said.

The deal has been approved by the project's other shareholder, Azeri national oil company SOCAR.

The project is known as D-222 and LUKOIL has drilled one well, in 2005, which found no commercial reserves of hydrocarbons.

LUKOIL had been considering pulling out of the project, but then decided to go ahead and drill a second well, which is scheduled for November this year.

The sides did not disclose the value of the deal, which leaves LUKOIL with 65%, SOCAR with 20% and GDF Suez with 15%.

LUKOIL and France's Total each own 10% in Azerbaijan's largest gas field, Shakh-Deniz, co-led by BP and StatoilHydro.

The companies have started exports from Shakh-Deniz to Turkey and want to turn the giant deposit into one of the main sources of gas for the planned Nabucco gas pipeline to southern Europe. (Reuters)

ADVERTISEMENT

Job ads in hospitality, tourism sector grow drastically  Analysis

Job ads in hospitality, tourism sector grow drastically 

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Breast cancer screening at Dr. Rose Private Hospital Interview

Breast cancer screening at Dr. Rose Private Hospital

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.