Statoil sells Shah Deniz oilfield stake to Petronas

Offshore staff

STAVANGER, NorwayStatoil ASA has sold its 15.5% participating interest in the Shah Deniz production sharing agreement in Azerbaijan, 15.5% share in the South Caucasus Pipeline Co. (SCPC), 15.5% share in the SCPC holding company, and 12.4% share in the Azerbaijan Gas Supply Co. (AGSC) to Petronas.

The transaction value is $2.25 billion, and is expected to close in early 2015, subject to approval from the relevant authorities.

Statoil's 2Q 2014 production from the Shah Deniz field was 38,000 boe/d. Shah Deniz is located on the deepwater shelf of the Caspian Sea, in water depths ranging from 164 ft (50 m) to 1,640 ft (500 m).

The field is operated by BP (28.8%) and the other partners are TPAO (19%), SOCAR (16.7%), Lukoil (10%), Nico (10%).

10/13/2014

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