Chevron completes sale of Azerbaijan assets to Hungary's MOL

Chevron announced that it has completed the sale of its non-operating Caspian Sea assets in Azerbaijan to Hungary’s MOL in a deal worth $1.57 billion.

The deal will see Chevron sell its 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.

Chevron Global Ventures has sold its 9.57 per cent 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 has completed the sale of its 8.9 per cent 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.”