Chevron Sells Azerbaijan Pipeline Assets

(P&GJ) — Chevron announced that its affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields, including interests in two pipelines, to MOL Hungarian Oil and Gas for $1.57 billion.

The sale includes interests in both the Western Export Route Pipeline and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline located in Azerbaijan.

Chevron Global Ventures Ltd. has sold its 9.57% 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, Ltd. has completed the sale of its 8.9% interest in BTC.

In addition to Chevron’s interest in ACG, the remaining interest holders are: BP Exploration (Caspian Sea) Limited, the operator, 30.37%; SOCAR, 25%; Inpex Southwest Caspian Sea, Ltd., 9.31%; Equinor Apsheron a.s. 7.27%; Exxon Azerbaijan Limited 6.79%; Turkiye Petrolleri A.O., 5.73%; Itochu Oil Exploration (Azerbaijan) Inc. 3.65%; ONGC Videsh Limited 2.31%.

Other shareholders in BTC Pipeline include BP Pipelines Limited, the operator, with 30.10%; SOCAR, (25%); Equinor BTC Caspian AS, 8.71%; Turkish Petroleum BTC Ltd., 6.53%; ENI BTC Limited, 5%; TOTAL (BTC) B.V., 5%; ITOCHU Oil Exploration (BTC) Inc. 3.40%; INPEX BTC Pipeline, 2.50%; Exxon Azerbaijan Limited, 2.5%; ONGC BTC Limited, 2.36%.

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