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Equinor (NYSE:EQNR) is exploring a potential sale of its operations in Azerbaijan, including a 7.27% stake in the Azeri-Chirag-Gunashli field, the country’s largest oil project, Bloomberg reported Monday.
The ACG field in the Caspian Sea – operated by BP (BP) with other partners including Exxon Mobil (XOM), Azerbaijan’s state energy company Socar and Japan’s Inpex – pumped ~10.6M tons of crude oil in the first seven months of this year, according to government data.
Bids for the Equinor (EQNR) assets, which could value the assets at ~$1B, are due in the coming weeks, according to the report, which also said the company is working with Jefferies to gauge buyer interest in the assets.
Equinor (EQNR) has stakes in other exploration and development fields in the Caspian Sea, as well as in the Baku-Tbilisi-Ceyhan oil export pipeline.
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