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Statoil completes USD 1.45bn Shah Deniz and South Caucasian Pipeline farmout

07th May 2014

Statoil has completed the farm down of 10 per cent of its 25.5 per cent interest in the Azerbaijan offshore Shah Deniz Production Sharing Agreement and the South Caucasus Pipeline Company to BP (3.33 per cent) and SOCAR (6.67per cent)

Statoil completes USD 1.45bn Shah Deniz and South Caucasian Pipeline farmout
Statoil portfolio in Azerbaijan now consists of 15.5 per cent in the Shah Deniz (SD) project and the South Caucasus Pipeline (SCP), 8.56 per cent in Azeri-Chirag-Guneshli (ACG) and 8.71 per cent in Baku-Tbilisi-Ceyhan (BTC) Pipeline.

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

The divestment, first discussed 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 now consists of 15.5 per cent in the Shah Deniz (SD) project and the South Caucasus Pipeline (SCP), 8.56 per cent in Azeri-Chirag-Guneshli (ACG) and 8.71 per cent in Baku-Tbilisi-Ceyhan (BTC) Pipeline.

Statoil also holds 20 per cent share in Trans Adriatic Pipeline (TAP) AG which is developing the pipeline for transport of the Shah Deniz gas to European markets.

BP remains the operator of the Shah Deniz project and Statoil the commercial operator of the South Causasian Pipeline

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