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.

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