Petronas buys stake in Azerbaijan oil field

Malaysia's Petronas buys Statoil's 15.5% interest in an oil field in Azerbaijan for $2.2b, its third largest acquisition.

Malaysia state-owned oil and gas giant Petronas has bought Norway-based Statoil's 15.5% interest in the Shah Deniz oil field in Azerbaijan for $2.25 billion, making it the latest Asian national oil company to strike a deal as international energy giants pare assets.

As part of the deal, Petronas is acquiring a 15.5% interest in the Shah Deniz production sharing agreement and a 15.5% share in the South Caucasus Pipeline Company and its holding company, along with a 12.4% share in the Azerbaijan Gas Supply Company.

The Shah Deniz field was discovered in 1999 and is located on the deep water shelf of the Caspian Sea, 70 kilometres...

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