Statoil Completes Shah Deniz Farm Down

Statoil of Norway completed the farm down of 10% of its interest of 25.5% in the Shah Deniz Production Sharing Agreement and the South Caucasus Pipeline Company Limited to BP (3.33%) and SOCAR (6.67%). The consideration for the sale and transfer of these assets is USD 1.45 billion.

The divestment that was announced in December 2013, is in line with Statoil’s strategy of portfolio optimisation based on rigid prioritisation of future investments, and capturing value created from a significant gas position., the company said in a statement.

Statoil portfolio in Azerbaijan consists of 15.5% in the Shah Deniz (SD) project and the South Caucasus Pipeline (SCP), 8.56% in Azeri-Chirag-Guneshli (ACG) and 8.71% in Baku-Tbilisi-Ceyhan (BTC) Pipeline.

Statoil also holds 20% share in Trans Adriatic Pipeline (TAP) which is developing the pipeline for transport of the Shah Deniz gas to European markets.

Licensees in Shah Deniz: BP 28.8%, SOCAR 16.7%, Statoil 15.5%, Lukoil 10%, NICO 10%, Total 10% and TPAO 9%.

Press Release, May 6, 2014; Image: Total

 

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