Total looks to sell stake in Azerbaijan gas field

|By:, SA News Editor

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.