Statoil has completed the farm out of its interest in the Shah Deniz field.
The operator confirmed it had finalised the farm out of 10% of its 25.5% interest in the Shah Deniz Production Sharing Agreement.
Majority operator BP picked up a little more than 3% of the 10% stake, with SOCAR absorbing the remaining 6.6%.
Stage two of the £17billion project – aimed at providing gas to Europe from Azerbaijan’s giant Shah Deniz field – has spurred a flurry of contract activity in recent weeks.
Two new major gas pipelines will be built to carry gas across Turkey and through Greece and Albania to Italy.
The project is expected to produce up to 16 billion cubic metres of gas per year and up to 120,00 barrels of condensate per day.
Statoil also holds 20% share in Trans Adriatic Pipeline (TAP) AG which is developing the pipeline for transport of the Shah Deniz gas to European markets.
Its current portfolio in Azerbaijan consists of 15.5% in the Shah Deniz (SD) project and the South Caucasus Pipeline (SCP), 8.56% in Azeri-Chirag-Guneshli (ACG) and 8.71% in Baku-Tbilisi-Ceyhan (BTC) Pipeline.
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