Slated to close early 2015, the deal for Statoil's remaining share of the Shah Deniz field comprises a participating interest in the Shah Deniz production sharing agreement, as well as shares in the South Caucasus Pipeline Company (SCPC), the SCPC holding company, and the Azerbaijan Gas Supply Company (AGSC).
The field, 70 km south-east of Baku, Azerbaijan, currently produces 26m cu m of gas and 53,000 barrels of condensate per day.
"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,” said Lars Christian Bacher, executive vp for Statoil Development and Production International. “The divestment optimises our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth.
“We remain committed to our business in Azerbaijan, which continues to play an important role in Statoil's international portfolio."
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