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TPAO to buy Total's stake in Azeri gas project for $1.5 B

Turkey's state oil company TPAO has signed a $1.5 billion deal to acquire Total's 10% stake in Azerbaijan's Shah Deniz gas project, Reuters said. The agreement increases TPAO's stake in the project to 19% from a previous 9%, while Total exits the project.

Reuters also noted that Turkish pipeline firm Botas has signed an agreement with Azeri state oil company SOCAR to raise its stake in the Trans-Anatolian natural gas pipeline project (TANAP) to 30% from 20%.

Azerbaijan's biggest gas field, Shah Deniz, is being developed by consortium partners BP, Statoil, SOCAR, and others. Shah Deniz I has been pumping gas since 2006 and has an annual production capacity of about 10 billion cubic meters (bcm) of natural gas. Reuters said that the next phase, Shah Deniz II, is important for Europe as an alternative to gas from Russia's Gazprom. It is expected to produce 16 bcm of gas per year from around 2019, with 10 bcm earmarked for Europe and 6 bcm for Turkey.

 

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