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%).


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...