Statoil has sold its 15.5% participating interest in the Shah Deniz production sharing agreement, 15.5% share in the South Caucasus Pipeline Company (SCPC), 15.5% share in the SCPC holding company, and 12.4% share in the Azerbaijan Gas Supply Company (AGSC) to the Malaysian oil and gas company PETRONAS. The transaction value is USD 2.25 billion.

“Statoil has created significant value by participating in the development of this asset over the years and we are pleased to announce this deal with PETRONAS. The divestment optimizes our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth,” says Lars Christian Bacher, executive vice president for Development and Production International in Statoil.

The Shah Deniz field is operated by BP (28.8%) and the other partners are TPAO (19%), SOCAR (16.7%), Lukoil (10%), Nico (10%).