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plc BP is witnessing a transformation in the ownership profile of its Shah Deniz gas project in the Caspian Sea offshore Azerbaijan.Russia-based Lukoil agreed to obtain an additional 15.5% interest in the BP-operated Shah Deniz gas project from Petronas for $2.25 billion. Shah Deniz is a natural gas condensate field, which covers about 860 square kilometers. The field began commercial production in 2006, and its production capacity is currently more than 58 million standard cubic meters per day of gas.Upon the deal closure, Lukoil's interest in the project will increase to 25.5% from an initial 10%. BP is the operator, with a 28.8% ownership stake in the project, while TPAO, SOCAR, NICO, and SGC are its other partners.In 2020, the Shah Deniz consortium extracted 639 billion cubic feet of gas and 3.6 million tons of gas condensate. The gas produced from the field is sold on the markets of Azerbaijan, Georgia and Turkey. Since December 2020, the gas is also delivered to Europe through a pipeline system.Over 25 years, Lukoil gained considerable experience in the Caspian region, and created extensive production and transport infrastructure. This is Lukoil's second Azeri Caspian Sea deal in recent weeks. The company signed an agreement to acquire a stake in a BP-operated Shallow Water Absheron Peninsula (“SWAP”) exploration project. Once completed, BP will remain the operator of the SWAP project, holding a 25% ownership, while LUKOIL will own 25%.Energy companies have been heavily impacted by the COVID-19 pandemic as it weakened oil demand, resulting in plummeting oil prices and production declines. With the global economy gradually recovering from the pandemic-induced crisis and oil prices rebounded to multi-year highs; BP and partners are expected to create synergetic opportunities from the project.Companies like ConocoPhillips COP, SilverBow Resources, Inc. SBOW and Pioneer Natural Resources Company PXD recently expanded their existing footprint in the most promising oil and gas fields to gain operating synergies as fuel prices continue to remain high. Notably, the higher fuel prices and the rapid development of effective COVID-19 vaccines have opened the door to economic recovery.Zacks Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis Report ConocoPhillips (COP): Free Stock Analysis Report Pioneer Natural Resources Company (PXD): Free Stock Analysis Report SilverBow Resources (SBOW): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment ResearchWeiter zum vollständigen Artikel bei "Zacks"