Vaghit Alekperov, President of the largest oil company LUKoil, and Natik Aliyev, head of the State Oil Company of Azerbaijan, signed a package agreement on additional terms for the exploration and development of the Yalama-Samur area in the Azerbaijani sector of the Caspian Sea. The LUKoil press service reported that the agreement envisaged an increase in LUKoil's share in the project from 60 to 80 percent. In addition, the area under development will be increased from 1,287 square km to 3,037 square km.
LUKoil's President noted that this agreement provided for an increase in his company's presence in Azerbaijan, which is a strategically important region for LUKoil. In his turn, Natik Aliyev said that the agreement was in line with interests of the State Oil Company of Azerbaijan and it would speed up exploration in this promising oil and gas region in the northern part of the Azerbaijani sector of the Caspian Sea.
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