Turkey's TPAO acquires Total's stake in Shah Deniz project

Photo: Turkey's TPAO acquires Total's stake in Shah Deniz project / Oil&Gas

Baku, Azerbaijan, May 30
By Emil Ismayilov - Trend:

Turkey's state oil company Turkish Petroleum Corp (TPAO) has agreed to acquire French energy company Total's 10 percent stake in Azerbaijan's Shah Deniz gas project, sources at the Azerbaijani oil and gas market told Trend on May 30.

The agreement, to be signed in Istanbul on May 30, will raise TPAO's stake in the project to 19 percent from a previous 9 percent, while Total exits the project.

The sources did not give a value for the deal.

The contract for development of the Shah Deniz offshore field was signed on June 4, 1996.

The reserves of the Shah Deniz field are estimated at 1.2 trillion cubic meters of gas.

The participants developing Shah Deniz field are thete Oil Company of Azerbaijan Republic (SOCAR) with a 16.7 percent share, BP (28.8 percent), Norway's Statoil (15.5 percent), Iran's NICO (10 percent), the French Total (10 percent), Russia's Lukoil (10 percent) and Turkish TPAO (9 percent).

Gas from Shah Deniz field is exported to Turkey and Georgia via the South Caucasus gas pipeline (Baku-Tbilisi-Erzurum).

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Tags: Total, TPAO