The Shah Deniz field. Image courtesy of Shahin Abasaliyev/Statoil.

Malaysia’s Petronas completed its acquisition of oil and gas assets in Azerbaijan from Norway’s Statoil on Saturday for $2.25 billion.

The deal includes Statoil’s 15.5 percent stake in the Shah Deniz gas project, Statoil said.

Petronas also bought Statoil’s 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.

The State Oil Company of Azerbaijan (SOCAR) assumed operatorship of the Azerbaijan Gas Supply Company and commercial operatorship of SCPC on May 1 following the transaction’s closing.


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