Devon Finalizes ACG Field Sale for $2B
BAKU – Devon has completed the sale of its ACG field located offshore Azerbaijan in the Caspian Sea to BP for $2 billion.
Devon's current production from the ACG field is approximately 17 thousand barrels of oil per day.
"With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion," said John Richels, Devon's president and chief executive officer.
"The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil."
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