Devon to sell off ACG stake

A senior official at Azeri state energy company Socar announced that Devon Energy is thinking of selling its stake in the Azeri-Chirag-Gunsheli oilfields.

“Devon has already informed members of the consortium of its intention to sell its stake in Azeri-Chirag-Guneshli (ACG),” said Vagif Aliyev, head of the foreign investment department at Socar.

He added that existing partners in ACG would have right of first refusal. Devon Energy has a 5.6% stake in ACG.

Devon previously said in last November that it planned to sell its Gulf of Mexico and international assets for $7.5 billion, and will focus on its onshore oil and natural gas fields in the US and Canada.

The giant ACG supply is the main source of oil for the BP-operated Baku-Tbilisi-Ceyhan pipeline which ships 850,000 barrels per day from the Caspian Sea to the Mediterranean.

It’s worth mentioning that BP holds the largest stake, alongside with ExxonMobil, Chevron, Japan’s Inpex and Itochu, Turkey’s TPAO and Socar.


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