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Statoil’s farm down in Shah Deniz and South Caucasus Pipeline completed

May 6, 2014, 09:40 CEST

The consideration for the sale and transfer of these assets is USD 1.45 billion. 

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The Shah Deniz platform in the Caspian Sea. (Photo: Shahin Abasaliyev)

The divestment 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 a 20% share in Trans Adriatic Pipeline (TAP) AG, which is developing the pipeline for transport of the Shah Deniz gas to European markets.

Licensees in Shah Deniz: BP 28.8%, SOCAR 16.7%, Statoil 15.5%, Lukoil 10%, NICO 10%, Total 10% and TPAO 9%.

Operator for Shah Deniz: BP
Technical operator of the South Caucasus Pipeline (SCP): BP
Commercial operator of SCP: Statoil

Contacts:

Investor relations
Hilde Merete Nafstad, senior vice president, investor relations
Tel: +47 957 83 911

Morten Sven Johannessen, vice president, investor relations North America
Tel: +203 570 2524

Media relations
Knut Rostad, press spokesperson
Tel: +47 905 48 990