Chevron sells Azeri assets to MOL

Chevron’s 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 for $1.57bn.

Chevron Global Ventures has sold its 9.57% interest in ACG, which had a daily net production of 20,000 boe/d in 2019. In addition, Chevron BTC Pipeline has completed the sale of its 8.9% interest in BTC.

‘This sale is an important part of our divestment programme, which is targeting before-tax proceeds of $5–10bn between 2018 and 2020,’ says Jay Johnson, Executive Vice President of Upstream, Chevron.