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Statoil sells stake in Shah Deniz gas project

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Statoil sells stake in Shah Deniz gas project

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Statoil exited Azerbaijan’s Shah Deniz gas project on Monday. The Norwegian company has sold a 15.5 percent stake to Malaysia’s Petronas for 2.25 billion dollars. The move is apart asset sales to shore up returns to shareholders.

As with other major oil companies Statoil has seen rising costs amid falling oil prices. It earlier sold a 10 percent stake in Shah Deniz.

The project is expected to supply 20 percent of the European Union’s needs in the long-term from proven gas reserves estimated at 1.2 trillion cubic metres.