Deal insight

TPAO buys Total's stake in Shah Deniz for US$1.5 bn



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Report summary

Total's decision to exit Shah Deniz was anticipated and comes less than six months after a Final Investment Decision was taken for the US$25 billion Phase Two of the BP operated upstream project. It also follows shortly after Statoil completed its own farm down of a 10% interest in Shah Deniz and SCP to BP and SOCAR for US$1.45 billion providing a clear price benchmark for Total's exit.

What's included

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  • Document

    TPAO buys Total's stake in Shah Deniz for US$1.5 bn

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Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:


  • Map


  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1
  • Upstream assets: Table 2

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