Statoil’s farm down in Shah Deniz and South Caucasus Pipeline completed
On 1st May Statoil completed the farm down of 10% of its interest of 25.5% in the Shah Deniz Production Sharing Agreement and the South Caucasus Pipeline Company Limited to BP (3.33%) and SOCAR (6.67%). The consideration for the sale and transfer of these assets is US$ 1.45 billion.
The divestment that was announced in December 2013, is in line with Statoil’s strategy of portfolio optimisation based on rigid prioritisation of future investments, and capturing value created from a significant gas position.
Statoil portfolio in Azerbaijan consists of 15.5% in the Shah Deniz (SD) project and the South Caucasus Pipeline (SCP), 8.56% in Azeri-Chirag-Guneshli (ACG) and 8.71% in Baku-Tbilisi-Ceyhan (BTC) Pipeline.
Statoil also holds 20% share in Trans Adriatic Pipeline (TAP) AG which is developing the pipeline for transport of the Shah Deniz gas to European markets.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.worldpipelines.com/business-news/07052014/statoil%E2%80%99s_farm_down_in_shah_deniz_and_south_caucasus_pipeline_completed/
You might also like
The World Pipelines Podcast - GERG and the future of Europe's gas pipelines
A conversation about the role of GERG in European gas pipeline innovation, research, and decarbonisation strategy. Featuring Alexandra Kostereva, Operations Manager at GERG (European Gas Research Group).
Tune in to the World Pipelines Podcast on your favourite podcast app today.
