Total has signed an agreement to sell its 10% interest in the Shah Deniz Field and the South Caucasus Pipeline to TPAO, the Turkish state-owned E&P company, Total said in a press release. The transaction is valued at $1.5 billion and is subject to customary approvals.
The offshore Shah Deniz Field is located approximately 100 km (62 miles) southeast of Baku, Azerbaijan, in the Caspian Sea and covers about 860 sq km (332 sq miles) with water depths ranging 50 m to 550 m (164 ft to 1,804 ft).
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