Statoil reduces staff in Azerbaijan

Norway-based oil and gas company Statoil will reduce its staff in Azerbaijan in the next few months due to its leaving the project on the ‘Shah Deniz’ gas and condensate field, a source in the oil and gas market of Azerbaijan told Trend.

“The staff reduction is a normal process, given the company’s leaving the Shah Deniz project,” the source said.

Statoil sold its 15.5 percent participating interest in the Shah Deniz production sharing agreement, 15.5 percent share in the South Caucasus Pipeline Company (SCPC), 15.5 pertcent share in the SCPC holding company, and 12.4 percent share in the Azerbaijan Gas Supply Company (AGSC) to the Malaysian oil and gas company PETRONAS in 2014. The transaction value is $2.25 billion.

The source earlier told Trend that after a few months, Statoil’s office in Baku will only have several employees responsible for the company’s participation in the project of development of the Azeri-Chirag-Guneshli block of oil and gas fields and the Baku-Tbilisi-Ceyhan oil pipeline.

SOURCE: AZER NEWS