Statoil sells gas field stake for $2.25bn

Statoil has sold its 15.5% share in a gas field in the Caspian Sea to Malaysian company Petronas for $2.25 billion (£1.4bn). The Norwegian firm’s production from the Shah Deniz field in the second quarter of this year was 38,000 barrels of oil equivalent per day. Located 70 kilometres south-east of Baku, the capital city […]

UK energy services firm wins £36m Azerbaijan contract

Aberdeen-based energy services company Wood Group has bagged a £36 million contract with BP in Azerbaijan. The deal will cover engineering and project management services for the Shah Deniz gas field in the South Caspian Sea off the coast of Azerbaijan. Last year a group of companies led by BP signed a multi-billion dollar deal […]

London-based bank finances gas project in Azerbaijan

A London-based bank is helping finance the development of a giant gas field located offshore Azerbaijan. It is providing a $200 million (£120m) loan to Russia’s oil producer Lukoil, which will use the cash to further develop Stage 1 of the Shah Deniz gas field in the Caspian Sea. The loan will pay for part […]

BP strikes 'biggest' gas deals in Caspian Sea

Energy giant BP and its partners have signed a long-term agreement to supply 10 billion cubic metres of gas a year (bcma) from a field in the Caspian Sea. Located offshore Azerbaijan, the Shah Deniz gas field’s (pictured, during construction) shareholders include the country’s state-owned SOCAR, France’s Total and Norway’s Statoil. They are working on […]