Norwegian energy firm Statoil has sold its 15.5% stake in the Shah Deniz field in Azerbaijan to Malaysia’s Petroliam Nasional Berhad (Petronas) for $2.25bn.
The transaction includes the sale of the stakes in the field’s production-sharing agreement, the South Caucasus Pipeline Company and its holding company, and a 12.4% interest in the Azerbaijan Gas Supply Company.
Situated on the deep-water shelf of the Caspian Sea, 70km south-east of Baku, the Shah Deniz oil field was discovered in 1999 with production starting in 2006.
The Shah Deniz field produced 38,000 barrels of oil equivalent per day (boepd) in the second quarter of this year.
BP operates the field with a 28.8% interest and the other partners are TPAO, SOCAR, Lukoil and Nico.
The field’s partners are currently producing about 26 million cubic metres of gas and 53,000 barrels of condensate per day.
The transaction, which is subject to regulatory approval, is expected to be completed in early 2015.
Statoil development and production international executive vice-president Lars Christian Bacher said: "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."
Statoil has expanded its resource base and industrial opportunity set in recent years.
The company said it has realised there is substantial value to gain from transactions on the Norwegian continental shelf and worldwide to prioritise high-potential future developments.
Statoil has recently agreed to sell several of its Norwegian oil and gas assets to Wintershall for $1.3bn.
The company, which operates in 36 countries, plans to explore 50 wells worldwide this year.
Image: The Shah Deniz field in the Caspian Sea. Photo: courtesy of Shahin Abasaliyev.