Norway's Statoil reduces share in Azeri gas field

The Norwegian company sells 10 percent stake in Azerbaijan's largest natural gas field for $1.45 billion.

Norway's Statoil reduces share in Azeri gas field

World Bulletin / News Desk

Norway's energy giant Statoil has completed the sale of 10 percent of its shares in the Shah Deniz Production Sharing Agreement and the South Caucasus Pipeline Company, the company has announced.

The stake from Statoil's 25.5 percent holdings went to the State Oil Company of Azerbaijan, SOCAR, which took a 6.7 percent stake, and to BP, which bought 3.3 percent, according to an announcement on Statoil's website Wednesday.

The sale and transfer of the assets was valued at $1.45 billion.

Following the acquisitions, BP's current shareholding in the field is 28.8 percent, SOCAR has 16.7 percent, Statoil 15.5 percent, Total 10 percent, Lukoil 10 percent, NICO 10 percent and TPAO nine percent.

The Shah Deniz field, located in the Caspian Sea, is the largest natural gas field in Azerbaijan.

Last Mod: 07 Mayıs 2014, 14:52
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