Devon completes $2B sale to BP of ACG field offshore Azerbaijan

Sources: Devon Energy Corp., BP

Devon Energy Corporation (NYSE:DVN) has completed the sale of its Azeri-Chirag-Gunashli (ACG) field located offshore Azerbaijan in the Caspian Sea to BP (NYSE:BP) for $2 billion. Devon’s current production from the ACG field is approximately 17,000 barrels of oil per day. 

“With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion,” said John Richels, Devon’s president and CEO. “The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil.” 

Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. 

ACG is the largest oil field in the Azerbaijan sector of the Caspian basin. Located about 100 km east of Baku, it is operated by BP on behalf of the Azerbaijan International Operating Company (AIOC). Operations at the ACG field started in November 1997 with the start-up of production from the Chirag-1 platform (Early Oil Project). Central, West and East Azeri complex were developed under Phases 1 and 2 and Deepwater Gunashli portion was developed under Phase 3.

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