Statoil sells 15.5% share in Shah Deniz to PETRONAS for USD 2.2 billion
(Thomson Reuters ONE) -
Statoil (OSE: STL, NYSE: STO) 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 optimises 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.
In recent years Statoil has strengthened its resource base and industrial
opportunity set. To prioritise high potential future developments, Statoil has
realised substantial value from transactions on the Norwegian continental shelf
and internationally. This portfolio optimisation continues to increase financial
strength and flexibility to deliver on our strategy for high-value growth.
Statoil's 2014 second quarter production from the Shah Deniz field was 38,000
barrels of oil equivalent per day.
Following the divestment, Bacher says, "We remain committed to our business in
Azerbaijan, which continues to play an important role in Statoil's international
portfolio."
The effective date is 1 January 2014. The transaction is expected to be closed
early 2015, subject to approval from the relevant authorities.
Shah Deniz
The Shah Deniz field was discovered in 1999. It is located on the deep water
shelf of the Caspian Sea, 70 kilometres south-east of Baku, in water depths
ranging from 50 to 500 metres. Shah Deniz Stage 1 began operations in 2006. The
Shah Deniz partners are currently producing approximately 26 million cubic
meters of gas and 53,000 barrels of condensate per day, approximately equivalent
to 225,000 barrels of oil equivalent per day.
The Shah Deniz field is operated by BP (28.8%) and the other partners are TPAO
(19%), SOCAR (16.7%), Lukoil (10%), Nico (10%).
Statoil ASA is an international energy company with operations in 36 countries.
Building on 40 years of experience from oil and gas production on the Norwegian
continental shelf, we are committed to accommodating the world's energy needs in
a responsible manner, applying technology and creating innovative business
solutions. We are headquartered in Norway with approximately 22,000 employees
worldwide, and are listed on the Oslo and New York stock exchanges.
Petroliam Nasional Berhad (PETRONAS) is Malaysia's fully integrated oil and gas
multinational ranked among the largest corporations on FORTUNE Global 500®.
Operating in the Upstream and Downstream sectors, it has presence in more than
65 countries since it was first incorporated in 1974. PETRONAS is among the top
five oil and gas companies in terms of production and the most profitable
company in Asia. It is steadily driving for new solutions and pushing boundaries
to develop and add value to oil and gas resources in a manner that carefully
balances commercial, environmental and social considerations.
For more information:
Investor relations
Morten Sven Johannessen, investor relations
Tel: +1 203 570 2524
Lars Valdresbråten, investor relations
Tel: +47 40281789
Media
Knut Rostad, media relations
Tel: +47 90548990
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Statoil via GlobeNewswire
[HUG#1862400]
Unternehmensinformation / Kurzprofil:
Datum: 13.10.2014 - 07:01 Uhr
Sprache: Deutsch
News-ID 343351
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