Norwegian energy firm Statoil said today it plans to sell US$2.2 billion worth of its Azerbaijani assets to Malaysian oil and gas company Petronas.

The deal includes: Statoil’s 15.5-percent share in the Shah Deniz field on the deep water shelf of the Caspian Sea; its 15.5-percent stake in the South Caucasus Pipeline Company (SCPC); its 15.5-percent stake in the SPCC pipeline holding company; and its 12.4-percent stake in the Azerbaijan Gas Supply Company (AGSC).

The Shah Deniz field was discovered in 1999 and produces about 225,000 barrels of oil equivalent per day.

During the second quarter of this year, Statoil’s daily production was about 38,000 barrels of oil equivalent from the Shah Deniz field.

“The divestment optimizes our portfolio and strengthens our financial flexibility,” said Statoil’s Lars Christian Bacher, executive vice-president for development and production international.

However, Azerbaijan was to continue to play a key role in Statoil’s portfolio, the Norwegian state-controlled firm said.

Statoil said it expected the deal to be completed early next year, pending approval from regulatory authorities.

- dpa