Statoil?s Farm and Pipeline Completed

On 1 May 2014 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 USD 1.45 billion. 

The divestment announced in December 2013 is in line with Statoil’s strategy of portfolio optimization based on rigid prioritization 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%.