Equinor Divests All Remaining Oil Assets in Azerbaijan

Friday, December 22, 2023

Equinor and SOCAR (State Oil Company of Azerbaijan Republic) have signed an agreement by which the Norwegian energy industry giant will divest all its remaining assets in Azerbaijan to SOCAR.

The assets comprise a 7.27% non-operated interest in the Azeri Chirag Gunashli (ACG) oil fields in the Azerbaijan sector of the Caspian Sea, 8.71% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline and 50% in the Karabagh field.

SOCAR already holds a 25.0% stake in ACG, a 25.0% stake in BTC via Azerbaijan BTC Limited, and 50% in Karabagh.

Equinor has been present in Azerbaijan since 1992. ACG, operated by BP, is the largest oilfield in the Azerbaijan sector of the Caspian basin and the BTC pipeline is used to transfer crude oil to the Turkish Mediterranean coast.

“Together with SOCAR and the other partners in ACG, we have created significant value for the partnership and for the Azerbaijani society. SOCAR is well positioned to create further value from the assets for the longer-term and we have appreciated the close collaboration over the years,” said Philippe Mathieu, Equinor's executive vice president for international exploration and production.

Matthie added that Equinor is in the process of re-shaping its international oil and gas business, and the divestments in Azerbaijan are in line with the company’s strategy to focus international portfolio.

The closing of the transaction is subject to the satisfaction of certain conditions including all regulatory and contractual approvals.

Equinor and SOCAR also signed a memorandum of understanding (MoU) to share experience and best practice on low carbon solutions, reducing greenhouse gas emissions and carbon management.

Categories: Energy Industry News Activity Europe Production Asia

Related Stories

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

BP Expands Oil and Gas Scope in Azerbaijan with New Projects and Exploration Rights

Azeri SOCAR Plans New Agreements with Oil and Gas Majors

CNOOC Puts Into Production New Oil Field in South China Sea

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

CNOOC Starts Production at Two New Oil and Gas Projects

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

Current News

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com