Effective from 1 January 2014, the transaction also includes divestment of Statoil’s 15.5% stake in the South Caucasus Pipeline Company (SCPC), 15.5% interest in the SCPC holding company, and 12.4% share in the Azerbaijan Gas Supply Company (AGSC) to Petronas.
The transaction is part of Statoil’s efforts to increase financial strength and flexibility in order to support its strategy for high-value growth.
Statoil Development and Production International executive vice president Lars Christian Bacher said: "Statoil has created significant value by participating in the development of this asset over the years and we are pleased to announce this deal with PETRONAS.
"The divestment optimises our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth."
In 2014 second quarter, Statoil had produced 38,000 barrels of oil equivalent per day from the Shah Deniz field.
Located on the deep water shelf of the Caspian Sea, 70km south-east of Baku, in water depths ranging from 50m to 500m, the Shah Deniz field is being operated by BP (28.8%), TPAO (19%), SOCAR (16.7%), Lukoil (10%), Nico (10%).
Currently, Shah Deniz partners are producing approximately 26 million cubic meters of gas and 53,000 barrels of condensate per day, which is approximately equivalent to 225,000 barrels of oil per day.
The transaction, which is subject to approval from the relevant authorities, is scheduled to be closed in early 2015.
Image: The Shah Deniz platform located in the Caspian Sea. Photo: courtesy of Shahin Abasaliyev/ Statoil.
