Chevron exits Azerbaijan in billion dollar plus deal

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Chevron Corporation (NYSE: CVX) announced on Thursday that its affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields (including interests in the Western Export Route Pipeline) and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline located in Azerbaijan, to MOL Hungarian Oil and Gas PLC for a consideration of $1.57 billion. (In this context, “consideration” means the negotiated sale price.)

Chevron Global Ventures Ltd. has sold its 9.57% interest in ACG, which had a daily net production of 20,000 barrels of oil equivalent per day in 2019.

In addition, Chevron BTC Pipeline, Ltd. has completed the sale of its 8.9% interest in BTC.

“Chevron regularly reviews its global portfolio to assess whether assets are strategic and competitive for capital,” said Jay Johnson, executive vice president of upstream. “This sale is an important part of our divestment program, which is targeting before-tax proceeds of $5 billion to $10 billion between 2018 and 2020.”

Chevron said the transaction closed on April 16, 2020.

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