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Norway's Statoil sells stake in Shah Deniz project in Azerbaijan to Petronas for $2.25 billion

HELSINKI – Norwegian energy company Statoil says it has sold its stake in the Shah Deniz gas project in Azerbaijan to Malaysian company Petronas for $2.25 billion.

Statoil says the sale “optimizes our portfolio and strengthens our financial flexibility.”

It says in a statement Monday that the deal includes its 15.5 per cent interest in the Shah Deniz production sharing agreement, 15.5 per cent share in the South Caucasus Pipeline Company, 15.5 per cent share in the SCPC holding company, and a 12.4 per cent share in the Azerbaijan Gas Supply Company.

It says second-quarter production from the Shah Deniz field was 38,000 barrels of oil equivalent per day during this year’s second quarter.

The deal, subject to authorities’ approval, is expected to close in 2015.