Statoil sells Shah Deniz stake to Petronas for $2.25B

Statoil ASA

Statoil 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.

Statoil's 2014 second-quarter production from the Shah Deniz field was 38,000 barrels of oil equivalent per day.

The effective date is Jan. 1. The transaction is expected to be closed in early 2015, subject to approval from the relevant authorities.

 

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