Total tries to sell stake in Azeri gas field in face of cost.

FT: “Total is in talks to sell its stake in a huge gasfield in Azerbaijan after it baulked at the enormous cost of the project, which would deliver Caspian gas directly to European markets for the first time.”
“The French major is likely to sell its entire 10 per cent stake in the Shah Deniz field, according to people familiar with the situation. The move comes just months after fellow investor¬†Statoil of Norway reduced its stake from 25.5 per cent to 15.5 per cent.
The consortium of shareholders in the field, led by BP, in December announced a final decision to invest $28bn on the second phase of its development, one of the largest gas projects in the world.
….Including the cost of building the pipelines, the total price tag for the project is likely to exceed $40bn.”