Total has signed an agreement to sell its 10% interest in the Shah Deniz field and the South Caucasus Pipeline to TPAO, the Turkish state-owned E&P company. The transaction is valued at $1.5 billion and is subject to customary approvals.
'The sale of our interest in Shah Deniz is in line with Total's active portfolio management and the focus of its investment capability on more strategic assets,' said Michael Borrell, Senior Vice-President Continental Europe and Central Asia at Total's Exploration and Production. 'This sale is another step forward in achieving our asset sale program. Following this operation, the Group will have sold nearly $16 billion worth of asset since 2012, in line with its $15-20 billion asset sale target.'