Seeking Alpha

Total looks to sell stake in Azerbaijan gas field

  • Total (TOT) reportedly is planning to sell its 10% stake in the Shah Deniz II gas field in Azerbaijan, making it the second major oil company to downsize there in less than a year.
  • TOT is moving to cut costs as the project enters its $28B second phase, and is in line with plans to sell off up to $20B is assets during 2012-14.
  • TOT says it is shifting focus from Shah Deniz to another Azeri gas field, Absheron, in which it owns a 40% stake.
  • According to BP, Shah Deniz eventually will produce 16B cubic meters per year, equivalent to Europe’s annual gas consumption.
  • TOT +1.8% premarket.
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