Norwegian energy company Equinor announced Friday that it will divest all its remaining assets in Azerbaijan to the country's state oil company SOCAR.
Equinor’s assets include a 7.27% non-operated interest in the Azeri Chirag Gunashli (ACG) oil fields, an 8.71% interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline and a 50% share in the Karabagh oil field.
SOCAR already holds a 25% stake in ACG, a 25% stake in BTC via Azerbaijan BTC Limited, and a 50% share in the Karabagh field.
With a presence in Azerbaijan since 1992, the company said the decision is part of its process to re-shape its international oil and gas business, and its divestments in Azerbaijan are to focus on its international portfolio.
'The closing of the transaction is subject to the satisfaction of certain conditions, including all regulatory and contractual approvals,' Equinor said in a statement.
ACG, operated by bp, is the largest oilfield in the Azerbaijan sector of the Caspian basin, and the BTC pipeline is used to transfer crude oil to the Turkish Mediterranean coast.
By Sibel Morrow
Anadolu Agency
energy@aa.com.tr