Statoil reduces holdings offshore Azerbaijan

Statoil has farmed down 10% of its 25.5% stake in the Shah Deniz production-sharing agreement offshore Azerbaijan and the South Caucasus Pipeline Co. to BP (3.33%) and SOCAR (6.67%).

May 6th, 2014

Offshore staff

STAVANGER, Norway – Statoil has farmed down 10% of its 25.5% stake in the Shah Deniz production-sharing agreement offshore Azerbaijan and the South Caucasus Pipeline Co. to BP (3.33%) and SOCAR (6.67%). Total consideration is $1.45 billion. 

Statoil now holds 15.5% of the Shah Deniz project and the South Caucasus Pipeline, 8.56% in the Azeri-Chirag-Guneshli (ACG) offshore fields in the same region, and 8.71% in the Baku-Tbilisi-Ceyhan (BTC) Pipeline.

It also has a 20% share in Trans Adriatic Pipeline AG which is developing the pipeline for transport of gas from Shah Deniz to European markets.

05/06/2014

More in Regional Reports