PJSC LUKOIL agreed to acquire a 25% participating interest in the Shallow Water Absheron Peninsula (SWAP) exploration project in the Azerbaijan sector of the Caspian Sea from bp.
The SWAP project area, south of the Absheron peninsula, lies in water depths up to 40 m. In 2016, a 3D seismic acquisition program was conducted, resulting in three defined prospective areas; North Khali, Bibi-Heybat East, and Garabatdag. The first exploration well in the North Khali prospective area was spudded in August 2021.
The acquisition is expected to close by end 2021, following its approval by the government of Azerbaijan.
bp will remain operator (25%) with the State Oil Company of the Azerbaijan Republic (SOCAR) holding the remaining 50%.