An oil rig in the Caspian Sea

Statoil sells its shares in Shah Deniz

BAKU, October 22, 2014 – Norway’s Statoil last week announced that it was selling its remaining 15.5 percent shares in Shah Deniz and South Caucasus Pipeline to Malaysia’s Petronas for $2.25 billion.

 

In May 2014, Statoil had already sold 10 percent of the 25.5 percent it originally held in both projects to SOCAR (6.67 percent) and BP (3.33 percent). That same month France’s Total sold its 10 percent shares to Turkish Petroleum. Both companies are undergoing an international assets consolidation and divestments process in order to cope with rising costs and falling oil prices.

Just like Total, the company announced that it still remains committed to its operations in Azerbaijan, including its 8.56 percent shares in the Azeri-Chirag-Guneshli oilfield.

This asset consolidation may allow Statoil to further develop the Zafar-Mashal structure in the Caspian Sea for which it signed a memorandum of understanding with SOCAR for the exploration and development of the field.

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