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/
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