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Operator assignment for Statoil in Azerbaijan

Statoil (OSE: STL, NYSE: STO) has been named commercial operator
covering gas sales, contract administration and business development for Azerbaijan's Shah Deniz gas and condensate field in the Caspian.



Statoil (OSE: STL, NYSE: STO) has been named commercial operator
covering gas sales, contract administration and business development for Azerbaijan's Shah Deniz gas and condensate field in the Caspian.


This appointment also covers the South Caucasus Pipeline (SCP) system for gas transport to markets in
Azerbaijan, Georgia and Turkey, according to a company press release.
The operator assignment awarded forms part of the development
decision for Phase I of Shah Deniz, which was taken by the licensees in the
Azerbaijan capital of Baku today, 27 February.

This project has an overall investment budget (upstream and
midstream) of USD 3.2 billion, with Statoil's share amounting to USD 815 million.
The decision to bring the Caspian field on stream increases the
group's booked reserves by 85 million barrels of oil equivalent.

This development go-ahead also means orders worth USD 46 million for
Norway's Hydralift and Nymo companies to deliver equipment and fabricated structures to Shah Deniz.

Associated companies: