Chevron Sells Azerbaijan assets to MOL Hungarian Oil and Gas

Source: press release, 16 April 2020

photo: Chevron
photo: Chevron

Chevron Corporation has announced 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 negotiated sale price of USD 1.57 billion.

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,” says Jay Johnson, executive vice president of upstream. “This sale is an important part of our divestment program, which is targeting before-tax proceeds of USD 5 billion to USD 10 billion between 2018 and 2020.”

The transaction closed on April 16, 2020.