Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/statoils-farm-down-in-shah-deniz-and-south-caucasu.shtmlStatoil’s farm down in Shah Deniz and South Caucasus Pipeline completed
On 1 May 2014 Statoil completed the farm down of 10% of its interest of 25.5% in the Shah Deniz Production
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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 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.
