Production

MOL, Chevron complete offshore Azerbaijan transaction

April 16, 2020

Chevron Corp. affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli oil fields and the Baku-Tbilisi-Ceyhan oil pipeline in Azerbaijan to MOL Hungarian Oil and Gas PLC for $1.57 billion.

The Azeri-Chirag-Gunashli oil field development produces through six platforms offshore Azerbaijan.

Offshore staff

SAN RAMON, California – Chevron Corp. 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 in Azerbaijan to MOL Hungarian Oil and Gas PLC for $1.57 billion.

Chevron Global Ventures Ltd. has sold its 9.57% interest in ACG, which had a net production of 20,000 boe/d 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.”

The transaction closed on April 16, 2020.

04/16/2020