Petronas acquires Statoil’s stake in Shah Deniz

Offshore staff

STAVANGER, Norway – Statoil has exited the BP-operated Shah Deniz project offshore Baku, Azerbaijan, and has transferred its stake and a number of other assets to Petronas. The sale has now closed.

Statoil unloaded its 15.5% participating interest in the Shah Deniz production-sharing agreement; its 15.5% share in the South Caucasus Pipeline Co. (SCPC); its 15.5% share in the SCPC holding company; and 12.4% share in the Azerbaijan Gas Supply Co. (AGSC).

The closure of the transaction follows the satisfaction of all conditions precedent, with an effective date of Jan. 1, 2014.

Following this transaction the State Oil Company of Azerbaijan, SOCAR, will assume operatorship of AGSC and commercial operatorship of SCPC as of May 1, 2015, which have both previously been held by Statoil.

04/30/2015

Shah Deniz
The Shah Deniz in the Caspian Sea. (Photo courtesy Shahin Abasaliyev)

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

Whitepapers

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...