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Exxon & Chevron seek to exit Azerbaijan's oil after 25 years

Gasoil News - Published on Thu, 06 Dec 2018

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Reuters reported that Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan's largest oilfield, marking the retreat of the US majors from the former Soviet state after 25 years as they re-focus on domestic production. Exxon is hoping to raise up to $2 billion from the sale of its 6.8 per cent in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea, according to industry sources.

Rival Chevron said in a statement to Reuters it had also decided to launch the sale of its 9.57 per cent stake in ACG as well as its 8.9 per cent interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline.

Exxon spokeswoman Ms Julie King declined to comment, saying "we don't comment on market rumours or speculation". A spokesman for Azerbaijan's state energy company Socar said: "The report is about Exxon and there is no need for Socar to get involved."

For both companies, the sale would mark the end of a 25-year involvement. Exxon and Chevron were among five US oil companies that helped create Azerbaijan's current oil industry soon after the collapse of the Soviet Union, and acquiring a stake in ACG in 1994.

The deal was dubbed by Azerbaijan and partners as the "the contract of the century" thanks to the field's large reserves and hopes of future major discoveries that would help Europe diversify away from Russian oil and gas.

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Posted By : Joykumar Irom on Thu, 06 Dec 2018
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