French oil and gas giant Total SA (TTA.L, TTFNF.PK, TOT) said that it signed an agreement to sell its 10% interest in the Shah Deniz field and the South Caucasus Pipeline to TPAO, the Turkish state-owned E&P company. The transaction is valued at $1.5 billion.
In Azerbaidjan, Total remains operator of the Absheron offshore field with a 40% share. A significant gas and condensate discovery was made in 2011 on Absheron and Total is now conducting studies to prepare the field development plan.
The Shah Deniz field is operated by BP (28.83%) with partners SOCAR (16.67%), Statoil (15.5%), Total (10%), Lukoil (10%), Nico (10%) and TPAO (9%).
Total has been present in Azerbaijan since 1995 and entered the Shah Deniz PSA in 1996. It is the operator of the Absheron offshore field in the Caspian Sea with a 40% interest.
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