Statoil has sold its 15.5% participating interest in the Shah Deniz production-sharing agreement, 15.5% share in the South Caucasus Pipeline Co. (SCPC), 15.5% share in the SCPC holding company, and 12.4% share in the Azerbaijan Gas Supply Co. to Petronas, according to a company press release. The transaction value is $2.25 billion.
The effective date is Jan. 1, 2014. The transaction is expected to be closed in early 2015, subject to approval from the relevant authorities.
The Shah Deniz Field is located on the deepwater shelf of the Caspian Sea, 70 km (43 miles) southeast of Baku, Azerbaijan, in water depths ranging from 50 m to 500 m (164 ft to 1,640 ft).
The field is operated by BP (28.8%), and the other partners are TPAO (19%), SOCAR (16.7%), Lukoil (10%) and Nico (10%).
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