Chevron sells $1.6B of Azerbaijan assets

Thursday, 16. April 2020 21:20

Chevron Corporation announced on Thursday that its affiliate companies have sold their nonoperating interests in oil fields and pipelines in Azerbaijan to MOL Hungarian Oil and Gas PLC for $1.57 billion.

Under the terms of the agreement, the sale includes a 9.57% holding in the Azeri-Chirag-Deepwater Gunashli oil fields and an 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline.

"Chevron regularly reviews its global portfolio to assess whether assets are strategic and competitive for capital," executive Vice President of upstream Jay Johnson stated in a press release. He added that this sale is an important part of the company's divestment program, which is targeting $5B to $10B in before-tax proceeds between 2018 and 2020.

Related Links: Chevron Corp.
Author:
Breaking the News / BJ