Shah Deniz deal

The transaction value is USD 2.25bn.
 

“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 international production at Statoil.
 

In recent years Statoil has strengthened its resource base and industrial opportunity set.
To prioritise high potential future developments, Statoil has realised substantial value from
transactions on the Norwegian continental shelf and internationally. This portfolio optimisation
continues to increase financial strength and flexibility to deliver on our strategy for high-value
growth. Statoil’s 2014 second quarter production from the Shah Deniz field was 38,000 barrels
of oil equivalent per day.
 

Statoil’s 2014 second quarter production from the Shah Deniz field was 38,000 barrels of oil
equivalent per day.
 

Following the divestment, Bacher said: “We remain committed to our business in Azerbaijan,
which continues to play an important role in Statoil’s international portfolio.”
 

The effective date is 1 January 2014. The transaction is expected to be closed early 2015,
subject to approval from the relevant authorities.