Statoil exited Azerbaijan’s Shah Deniz gas project on Monday. The Norwegian company has sold a 15.5 percent stake to Malaysia’s Petronas for 2.25 billion dollars. The move is apart asset sales to shore up returns to shareholders.<br /><br />As with other major oil companies Statoil has seen rising costs amid falling oil prices. It earlier sold a 10 percent stake in Shah Deniz.<br /><br />The project is expected to supply 20 percent of the European Union’s needs in the long-term from proven gas reserves estimated at 1.2 trillion cubic metres.