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Chevron sells Azerbaijan assets to MOL Hungarian Oil and Gas

Chevron has announced that its 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 for a consideration of $1.57 billion.

Chevron Global Ventures has sold its 9.57% interest in ACG, which had a daily net production of 20,000 BOE/day in 2019. In addition, Chevron BTC Pipeline 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,” Jay Johnson, Executive Vice President of Upstream, said. “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 16 April 2020.

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