05-08-02 Norway's Statoil will be investing around NOK 2 bn in a new oil pipeline from Baku in Azerbaijan to Ceyhan in Turkey. The decision to build the 1,760 km long pipeline comes after long and drawn out negotiations.
The total cost of the pipeline is NOK 21 bn. Statoil's share of the investment will be around 10 %. The pipeline will be used to transport oil from the Azeri-Chirac-Guneshli field, in which Statoil owns a 8.56 % share.

When fully developed, the field is expected to yield 1 mm bpd. At present, the production is around 120,000 barrels. There are also plans to build a gas pipeline which will run parallel with the pipeline for oil.
Statoil has signalled interest in becoming operator for the gas pipeline, says Statoil information director Kai Nilsen.