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.
Recommended Reading
Enterprise Declares Quarterly Cash Distribution
2024-01-08 - Enterprise Products Partners’ distribution will be paid Feb. 14 to common unitholders of record by Jan. 31.
Dorchester Minerals Announces Retirement of James E. Raley
2024-01-05 - Dorchester’s board designated Raley as manager emeritus in recognition of his service.
Ovintiv Names Sippy Chhina to Board of Directors
2024-01-12 - Chhina recently retired as a partner at services firm Deloitte Canada LLP.
Energy Transfer Seeks to Raise $3.8 Billion Through Offering of Notes
2024-01-11 - Energy Transfer is offering $3 billion in senior notes with the sale expected to settle Jan. 25.
TurningPoint Energy Names Naini as President
2024-01-09 - Salar Naini, who previously served as executive vice president of business development for TurningPoint, will lead the company’s daily business operations.