Azeri SOCAR Assumes Statoil's Pipeline Project Operating Rights
BAKU, May 1 (Reuters) – Norway's Statoil handed over its commercial operating rights on the gas-carrying South Caucasus Pipeline project to Azeri state energy firm SOCAR on Friday after completing the sale of its 15.5 percent stake to Malaysia's Petronas.
The signing ceremony took place in the Azeri capital Baku.
Statoil said it had transferred its 15.5 percent stake in the Shah Deniz production-sharing agreement and a stake of the same size in the South Caucasus Pipeline Company (SCPC) to Petronas.
It also sold a 12.4 percent share in the Azerbaijan Gas Supply Company (AGSC).
"Following this transaction the State Oil Company of Azerbaijan, SOCAR, will assume operatorship of AGSC and commercial operatorship of SCPC as of 1 May 2015, which have both previously been held by Statoil," Statoil said in a statement.
The South Caucasus Pipeline project is also known as the Baku-Tbilisi-Erzurum Pipeline.
(Reporting by Nailia Bagirova; Writing by Margarita Antidze; Editing by Dale Hudson)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
Operates 1 Offshore Rigs
- Statoil Takes First Bite Of Solar Market With Brazilian Joint Venture (Oct 04)
- Statoil Charters Last of Largest Oil Tankers to Hold Crude for Asia Buyers (Sep 28)
- Statoil And Partners Plan Output Capacity Expansion At Troll Gas Field (Sep 26)
Company: SOCAR more info
- BP, Azerbaijan's SOCAR To Sign Caspian Sea Exploration Deal In 2017 (Oct 12)
- Azerbaijan's SOCAR To Boost Its Share In New Deal With BP On Oil Fields (Sep 08)
- Azerbaijan's SOCAR Sees H2 2016 Net Profit At $298 MM (Jan 17)