Devon Energy to sell its stake in Azeri oil project
The U.S. company Devon Energy is selling its share in the
development of the Azeri-Chirag-Gunashli (ACG) offshore unit in
Azerbaijan, hoping to focus on mining projects in the U.S.
"We will sell our stake in the ACG project, as well as all our international assets, including assets in the Gulf of Mexico," Devon Energy spokesman Chip Minty wrote in an e-mail to Trend on Monday.
According to him, Devon Energy has decided to focus its activities on onshore projects in North America,
"where the company has more opportunities to drill."
Some reports have circulated that Devon Energy will sell its share in the first quarter of 2010.
Devon Energy has a 5.62-percent equity share in the ACG project. Its total reserves exceed 900 million tons.
ACG participating interests are: BP (operator - 34.1 percent), Chevron (10.2 percent), Azerbaijan’s state oil company SOCAR (10 percent), INPEX (10 percent), StatoilHydro (8.6 percent), ExxonMobil (8 percent), TPAO (6.8 percent), Devon (5.6 percent), ITOCHU (3.9 percent), and Delta Hess (2.7 percent).
In the first three quarters of 2009, BP produced over 224 million barrels of oil from the ACG fields, which on average is over 822,100 bpd, BP said last week.
The Baku-Supsa pipeline stretching to the Black Sea coast of Georgia transports Azeri Light oil varieties produced from the field. The project partners, excluding ExxonMobil and Devon Energy, transport major volumes of oil via the Baku-Tbilisi-Ceyhan (BTC) main export pipeline to the Mediterranean coast of Turkey.
ExxonMobil and Devon Energy, which are not involved in the BTC project, transport their crude by rail toward Georgia’s Black Sea ports.*
"We will sell our stake in the ACG project, as well as all our international assets, including assets in the Gulf of Mexico," Devon Energy spokesman Chip Minty wrote in an e-mail to Trend on Monday.
According to him, Devon Energy has decided to focus its activities on onshore projects in North America,
"where the company has more opportunities to drill."
Some reports have circulated that Devon Energy will sell its share in the first quarter of 2010.
Devon Energy has a 5.62-percent equity share in the ACG project. Its total reserves exceed 900 million tons.
ACG participating interests are: BP (operator - 34.1 percent), Chevron (10.2 percent), Azerbaijan’s state oil company SOCAR (10 percent), INPEX (10 percent), StatoilHydro (8.6 percent), ExxonMobil (8 percent), TPAO (6.8 percent), Devon (5.6 percent), ITOCHU (3.9 percent), and Delta Hess (2.7 percent).
In the first three quarters of 2009, BP produced over 224 million barrels of oil from the ACG fields, which on average is over 822,100 bpd, BP said last week.
The Baku-Supsa pipeline stretching to the Black Sea coast of Georgia transports Azeri Light oil varieties produced from the field. The project partners, excluding ExxonMobil and Devon Energy, transport major volumes of oil via the Baku-Tbilisi-Ceyhan (BTC) main export pipeline to the Mediterranean coast of Turkey.
ExxonMobil and Devon Energy, which are not involved in the BTC project, transport their crude by rail toward Georgia’s Black Sea ports.*
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!