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PETALING JAYA: Petroliam Nasional Bhd (Petronas) is acquiring stakes in three oil and gas companies and a production sharing agreement from Norway-based Statoil ASA to strengthen its presence in the central Asian region.
Statoil, announced on its website yesterday that it had sold 15.5% participating interest in the Shah Deniz production sharing agreement, 15.5% share in the South Caucasus Pipeline Company (SCPC), 15.5% share in the SCPC holding company, and 12.4% in the Azerbaijan Gas Supply Company for US$2.25bil (RM7.43bil).
“Statoil has created significant value by participating in the development of this asset over the years and we are pleased to announce this deal with Petronas.
“The divestment optimises our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth,” said Lars Christian Bacher, executive vice-president for development and production international for Statoil, in a statement.
On the acquisitions, Petronas said in a statement that it would continuously evaluate opportunities and review its business portfolio to remain agile and resilient in the fast-changing global oil and gas industry.
“The Central Asian region is an important component of the company’s worldwide strategy. Petronas has also recently signed a memorandum of understanding in Azerbaijan with the state oil company of Azerbaijan”.
According to Bloomberg, Statoil has scrapped production-growth targets and reduced investment plans as it seeks to raise returns for shareholders amid rising costs and stagnant energy prices.
“The state-controlled company has sold assets from the North Sea to Azerbaijan for more than $20bil (RM66bil) since 2010.”
The Shah Deniz field was discovered in 1999. It is located on the deep water shelf of the Caspian Sea, 70km south-east of Baku, in water depths ranging from 50m to 500m.
Shah Deniz Stage 1 began operations in 2006. The Shah Deniz partners are currently producing about 26 million cu m of gas and 53,000 barrels of condensate per day, approximately equivalent to 225,000 barrels of oil equivalent per day.
The Shah Deniz field is operated by BP plc (28.8%) and the other partners are national oil and gas company of Turkey holding 19%, state oil company of Azerbaijan Republic (16.7%), Russia’s second largest oil company Lukoil (10%) and National Iranian Oil Company (10%). Following the divestment, Bacher said Statoil remained committed to its business in Azerbaijan, which continued to play an important role in Statoil’s international portfolio.
“The effective date was Jan 1, 2014. The transaction is expected to be closed early 2015, subject to approval from the relevant authorities.”
Last month, Petronas announced tie-ups with Mexican national oil company, Petróleos Mexicanos and Argentinian national oil company, as part of its aspirations for growth in the Americas.
Earlier this month, the national oil company cautioned that it may delay construction of its Canadian liquefied natural gas (LNG) project past 2030 unless proposed taxes were lowered.
For the first six months of 2014, Petronas’ net profit rose 14.75% to RM34.5bil from RM30.06bil, as revenue climbed 12.12% to RM169.41bil from RM151.1bil, courtesy of higher oil and gas production, sales of petroleum and LNG products and a favourable exchange rate.
http://www.thestar.com.my/Business/...Norway-firms-stake-in-Azerbaijan-gas-project/
Statoil, announced on its website yesterday that it had sold 15.5% participating interest in the Shah Deniz production sharing agreement, 15.5% share in the South Caucasus Pipeline Company (SCPC), 15.5% share in the SCPC holding company, and 12.4% in the Azerbaijan Gas Supply Company for US$2.25bil (RM7.43bil).
“Statoil has created significant value by participating in the development of this asset over the years and we are pleased to announce this deal with Petronas.
“The divestment optimises our portfolio and strengthens our financial flexibility to prioritise industrial development and high-value growth,” said Lars Christian Bacher, executive vice-president for development and production international for Statoil, in a statement.
On the acquisitions, Petronas said in a statement that it would continuously evaluate opportunities and review its business portfolio to remain agile and resilient in the fast-changing global oil and gas industry.
“The Central Asian region is an important component of the company’s worldwide strategy. Petronas has also recently signed a memorandum of understanding in Azerbaijan with the state oil company of Azerbaijan”.
According to Bloomberg, Statoil has scrapped production-growth targets and reduced investment plans as it seeks to raise returns for shareholders amid rising costs and stagnant energy prices.
“The state-controlled company has sold assets from the North Sea to Azerbaijan for more than $20bil (RM66bil) since 2010.”
The Shah Deniz field was discovered in 1999. It is located on the deep water shelf of the Caspian Sea, 70km south-east of Baku, in water depths ranging from 50m to 500m.
Shah Deniz Stage 1 began operations in 2006. The Shah Deniz partners are currently producing about 26 million cu m of gas and 53,000 barrels of condensate per day, approximately equivalent to 225,000 barrels of oil equivalent per day.
The Shah Deniz field is operated by BP plc (28.8%) and the other partners are national oil and gas company of Turkey holding 19%, state oil company of Azerbaijan Republic (16.7%), Russia’s second largest oil company Lukoil (10%) and National Iranian Oil Company (10%). Following the divestment, Bacher said Statoil remained committed to its business in Azerbaijan, which continued to play an important role in Statoil’s international portfolio.
“The effective date was Jan 1, 2014. The transaction is expected to be closed early 2015, subject to approval from the relevant authorities.”
Last month, Petronas announced tie-ups with Mexican national oil company, Petróleos Mexicanos and Argentinian national oil company, as part of its aspirations for growth in the Americas.
Earlier this month, the national oil company cautioned that it may delay construction of its Canadian liquefied natural gas (LNG) project past 2030 unless proposed taxes were lowered.
For the first six months of 2014, Petronas’ net profit rose 14.75% to RM34.5bil from RM30.06bil, as revenue climbed 12.12% to RM169.41bil from RM151.1bil, courtesy of higher oil and gas production, sales of petroleum and LNG products and a favourable exchange rate.
http://www.thestar.com.my/Business/...Norway-firms-stake-in-Azerbaijan-gas-project/
