Azeri-Chirag-Gunashli shareholders considering buying shares held by Exxon, Chevron

Business

11:28 | 07.02.2019

Azeri-Chirag-Gunashli shareholders considering buying shares held by Exxon, Chevron

Shareholders of the project for development of Azeri-Chirag-Gunashli block of oil and gas fields in the Azerbaijani sector of the Caspian Sea are considering buying shares held by the US ExxonMobil Corporation and Chevron, Elshad Nasirov vice president for marketing and investment at Azerbaijan’s state oil company SOCAR told Bloomberg.

Exxon Mobil Corp. and Chevron Corp. are seeing what price they might get to sell out of the Azeri-Chirag-Guneshli oil project as they eye expansion elsewhere, he said, Trend reports.

"We have discussed this with both Exxon Mobil and Chevron,” said Elshad Nasirov.
"Everybody” at ACG is considering buying the shares held by Exxon and Chevron, but it will depend on the outcome of "market testing” and the price that emerges, Nasirov said.

The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.

The new ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.

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