OSLO (dpa) – Norwegian energy firm Statoil said Monday it plans to sell 2.2 billion dollars worth of its Azerbaijani assets to Malaysian oil and gas company Petronas.
The deal includes: Statoil’s 15.5-per-cent share in the Shah Deniz field on the deep water shelf of the Caspian Sea; its 15.5-per-cent stake in the South Caucasus Pipeline Company (SCPC); its 15.5-per-cent stake in the SPCC pipeline holding company; and its 12.4-per-cent stake in the Azerbaijan Gas Supply Company (AGSC). The Shah Deniz field was discovered in 1999 and produces about 225,000 barrels of oil equivalent per day.
During the second quarter of this year, Statoil’s daily production was about 38,000 barrels of oil equivalent from the Shah Deniz field. “The divestment optimises our portfolio and strengthens our financial flexibility,” said Statoil’s Lars Christian Bacher, executive vice president for development and production international.
However, Azerbaijan was to continue to play a key role in Statoil’s portfolio, the Norwegian state-controlled firm said. Statoil said it expected the deal to be completed early next year, pending approval from regulatory authorities.