Equinor has completed the sale of its assets in Nigeria and Azerbaijan, realizing a total consideration of up to $2 billion. This marks the end of the Norwegian oil and gas company’s operations in these two countries after nearly 30 years.

The divestments, announced in 2023 and finalized in recent weeks, are expected to enhance cash flow in the fourth quarter and align with Equinor’s strategy to optimize its international portfolio, the company said.

“With these exits we realize value and execute on our strategy to focus the international portfolio, and in combination with recent acquisitions and investments in our competitive projects, we seek to sustain long-term production and profitability,” said Philippe Mathieu, executive vice president for international exploration and production in Equinor.

Equinor has previously outlined its plans to increase international output by approximately 100,000 barrels of oil equivalent per day (boe/d) by 2030 through bringing on stream new fields in Brazil, Britain and the US.

In Nigeria, Equinor sold its assets, including a 20.21% stake in the Agbami oil field operated by Chevron, to Chappal Energies for up to $1.2 billion. The deal includes $710 million in cash and the remainder in contingent payments.

In Azerbaijan, Equinor divested a 7.27% stake in the Azeri Chirag Gunashli (ACG) field, an 8.71% stake in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, and a 50% stake in the Karabagh project to Azerbaijan’s SOCAR and India’s ONGC for a total of $745 million.

During the first three quarters of 2024, Equinor’s net production in Azerbaijan and Nigeria averaged 24,600 and 17,700 boe/d, respectively.