The $2.2 billion deal also includes Statoil’s shares in the South Caucasus Pipeline Co. (15.5%), the SCPC holding company (15.5%), and the Azerbaijan Gas Supply Co. (12.4%).
Statoil’s second-quarter production from the Shah Deniz field was 38,000 boe/d.
Statoil said the transaction is expected to be closed in early 2015, with an effective date of Jan. 1, 2014.
Shah Deniz, in the Caspian Sea southeast of Baku, was discovered in 1999. BP, with 28.8%, is operator. TPAO has 19%; SOCAR 16.7%; Lukoil 10%; and Nico 10% (OGJ Online, May 30, 2014).
Current daily production from Shah Deniz is 26 million cu m of gas and 53,000 bbl of condensate, equivalent to 225,000 boe/d, Statoil said.