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The Shah Deniz gas field. Image courtesy of BP.

Norway’s Statoil sold its 15 percent stake in the Shah Deniz gas project in Azerbaijan to Malaysia’s Petronas for $2.25 billion.

The deal includes Statoil’s 15.5 percent interest in the Shah Deniz production sharing agreement, its 15.5 percent share in the South Caucasus Pipeline Company (SCPC), its 15.5 percent share in the SCPC holding company and its 12.4 percent share in the Azerbaijan Gas Supply Company.

Shah Deniz is currently producing 26 million cubic meters of gas and 53,000 barrels of condensate per day, about equal to 225,000 barrels of oil equivalent per day.

Statoil said the divestment will allow it to “prioritize industrial development and high-value growth.”

The Shah Deniz field is located in the deepwater shelf of the Caspian Sea, about 43 miles southeast of Baku in water depths ranging from 164 to 1,640 feet.

The Shah Deniz field is operated by BP with a 28 percent stake.

Turkey’s TPAO holds a 19 percent stake, Azerbaijan’s state owned SOCAR holds a 16.7 percent stake, Russia’s Lukoil holds a 10 percent stake and Switzerland-based Nico holds a 10 percent stake.

“We remain committed to our business in Azerbaijan, which continues to play an important role in Statoil’s international portfolio,” Statoil’s executive vice president for international development and production Lars Christian Bacher said.

The deal is effective as of January 1, 2014 and is expected to close by early 2015.

The Republic of Azerbaijan is located in the Caucasus region of Eastern Europe.