Statoil ASA (STO) Tuesday said it has decided to invest in the development of the giant Shah Deniz gas field in the Caspian Sea offshore Azerbaijan, together with consortium partners.
Statoil ASA (STO) Tuesday said it has decided to invest in the
development of the giant Shah Deniz gas field in the
Caspian
Sea
offshore
Azerbaijan
,
together with consortium partners.
The Norwegian oil company also said it will sell a stake in Shah Deniz and the
South Caucasus Pipeline.
The BP PLC (BP) operated Shah Deniz consortium will expand the gas field with
subsea wells, platforms and processing facilities, and build a number of
pipelines to create a gas corridor to
Europe
at a
cost of around $28 billion, Statoil said.
First gas is targeted for late 2018 with sales to
Georgia
and
Turkey
, and
the first deliveries to
Europe
will
follow around a year later, it said.
"The Shah Deniz Stage 2 project is a significant project which will make
Azerbaijan
's
large gas resources available for the European market," Statoil Chief
Executive Helge Lund said in a statement.
Statoil said it has also agreed to sell a 10% share of its 25.5% holdings in
the Shah Deniz and the South Caucasus Pipeline to SOCAR, the Azerbaijani state
oil company, and BP for a total cash consideration of $1.45 billion, effective
Jan. 1, 2014
.
"The divestment corresponds with our strategy of portfolio
optimization," Mr. Lund said.
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