U.S. Company To Sell Shares In Largest Oil Project In Azerbaijan

baku

Offshore oil fields in the Caspian Sea, along the coast of Baku.

BAKU (Today.az)–The U.S. company Devon Energy is selling its share in the development of the Azeri-Chirag-Guneshli (ACG) offshore Caspian drilling project, hoping to focus on mining projects in the U.S instead, the Azeri Trend.az newsportal reported on Tuesday.

“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 Trend News in an e-mail Tuesday.

According to the company official, Devon Energy has decided to focus its activities on onshore projects in North America, “where the company has more opportunities to drill.”

According to some reports, 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 of oil deposits exceed 900 million tons.

ACG participating interests are: BP (operator – 34.1 percent), Chevron (10.2 percent), 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 roughly 224 million barrels of oil from the ACG fields, which on average is over 822,100 bpd, BP reported earlier.

The Baku-Supsa pipeline on the Black Sea coast of Georgia transports Azeri Light crude varieties produced from the field. The project partners, not including ExxonMobil and Devon Energy, transport major volumes of oil via the Baku-Tbilisi-Ceyhan on the Mediterranean coast of Turkey. ExxonMobil and Devon Energy, not being members of the Baku-Tbilisi-Ceyhan consortium, transport their energy by rail in the direction of the Georgian Black Sea ports.

Authors

Discussion Policy

Comments are welcomed and encouraged. Though you are fully responsible for the content you post, comments that include profanity, personal attacks or other inappropriate material will not be permitted. Asbarez reserves the right to block users who violate any of our posting standards and policies.

3 Comments

  1. KRIKOR said:

    everbody must look carefully to this oil field picture above and compare it with another picture of the artsakh manument, then you will realize what is going on!!! the protocoles is a part of this game, do u guys think the west will be interested in the Artsakh manumnet or the oil field? 

  2. Pingback: U.S. Company To Sell Shares In Largest Oil Project In Azerbaijan … | azerbaijantoday

  3. Mir Ali said:

    Krikor, no one gives a damn to monuments, they are here to make money, which is why they prefer teh oil field

*

Top