Equinor sells stake in Caspian Sea ACG oil fields

Jan. 9, 2024

Equinor has agreed to sell its E&P interests in Azerbaijan to the country’s state oil company SOCAR.

The Deepwater Gunashli platform is located in the Caspian Sea.

Offshore staff

BAKU, Azerbaijan — Late last month, Equinor agreed to sell its E&P interests in Azerbaijan to the country’s state oil company SOCAR.

These comprise a 7.27% non-operated stake in the Azeri Chirag Gunashli (ACG) oil fields in Caspian Sea, 8.71% in the Baku-Tbilisi-Ceyhan (BTC) pipeline, and 50% in the Karabagh Field.

SOCAR already has a 25% share in ACG, 25% in BTC via Azerbaijan BTC Ltd. and 50% in Karabagh.

Equinor has had a presence in the country since 1992.

ACG, operated by bp, is the largest oil field in the Azerbaijani sector of the Caspian Sea. BTC transports the produced crude to the Turkish Mediterranean coast.

Closing of the transaction remains subject to regulatory and contractual approvals.

Equinor and SOCAR have also signed a memorandum of understanding to share experience and best practice on low-carbon solutions, cutting emissions and carbon management.

01.09.2024