Chevron Seeks Sale Of Giant Azerbaijan Oil Field Stake

Chevron Corp. (NYSE: CVX) has decided to launch the sale of its stake in Azerbaijan’s largest oil field as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline, the company said in a statement on Dec. 4.

“Chevron regularly reviews its global portfolio of assets to ensure alignment with its long-term priorities,” the San Ramon, Calif.-based company said.

“As part of this review, we have decided to initiate the process of marketing, with a view to a potential sale, of our Chevron affiliate interests in the Azeri Chirag and Deep Water Gunashli (ACG) project and the Baku-Tbilisi-Ceyhan (BTC) Pipeline.”

Earlier on Dec. 4, industry sources told Reuters that rival ExxonMobil Corp. (NYSE: XOM) is also seeking to sell its 6.8% stake in the ACG project.