LUKOIL reveals impact of its share boosting in Shah Deniz

Increasing share of Russia's LUKOIL in the Shah Deniz gas project in Azerbaijan to nearly 20% allowed the company to expand its foreign gas production portfolio under the international SEC (Securities and Exchange Commission) reporting system.

"Regarding international projects, gas production in 2023 increased by 0.6%, reaching 17 billion cubic meters, due to the increase in LUKOIL's share in the Shah Deniz project in Azerbaijan in 2022, as well as the effect of Production Sharing Agreements (PSA) in the conditions of gas price reduction in 2023," the report reads.

Gas production at Shah Deniz has been ongoing since December 2006. The project participants are BP, SOCAR, Lukoil, NICO and TPAO.