BAKU, Azerbaijan, March 22. Closing of the deal to sell the assets of Norway’s Equinor company in Azerbaijan is expected in mid-2024, Trend reports via the company.
“In the fourth quarter of 2023, Equinor entered into an agreement to divest our interests in the Azeri-Chirag-Gunashli (ACG) field in Azerbaijan. Closing is subject to regulatory and contractual approvals and is expected to take place in mid-2024,” said the company.
Reportedly, the sale will result in an estimated reduction in proved reserves of approximately 45 million boe.
In late December 2023, Azerbaijan’s state oil company SOCAR acquired Equinor’s shares in Azeri-Chirag-Gunashli, Karabakh fields, and Baku-Tbilisi-Ceyhan project.
Before the acquisition, Equinor held a 7.27% stake in the ACG oil fields, an 8.71% interest in the BTC pipeline, and 50% in the Karabakh field. Previously, SOCAR had a 25% stake in ACG, 25% in BTC, and 50% in the Karabakh field.
The transactions will be completed following compliance with all regulatory requirements and contractual obligations.
Equinor has started liquidation of its local companies in Azerbaijan.
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