Monday 13 October 2014

Statoil sells gas field stake for $2.25bn

Statoil has sold its 15.5% share in a gas field in the Caspian Sea to Malaysian company Petronas for $2.25 billion (£1.4bn).

The Norwegian firm’s production from the Shah Deniz field in the second quarter of this year was 38,000 barrels of oil equivalent per day.

Located 70 kilometres south-east of Baku, the capital city of Azerbaijan, the field is operated by BP (28.8%), TPAO (19%), SOCAR (16.7%), Lukoil (10%) and Nico (10%).

The partners are currently producing around 26 million cubic meters of gas and 53,000 barrels of condensate per day – equivalent to 225,000 barrels of oil equivalent a day.

Lars Christian Bacher, Executive Vice President for Development and Production International in Statoil said: “The divestment optimises our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth.”