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Exclusive: Exxon, Chevron seek to exit Azerbaijan's oil after 25 years

Reuters  |  LONDON 

By Dmitry Zhdannikov and Ron BoussoLONDON (Reuters) - Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan's largest oilfield, marking the retreat of the U.S. majors from the former Soviet state after 25 years as they re-focus on domestic production. Exxon is hoping to raise up to $2 billion from the sale of its 6.8 percent in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea, according to industry sources. Rival Chevron said in a statement to Reuters it had also decided to launch the sale of its 9.57 percent stake in ACG as well as its 8.9 percent interest in the ...

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First Published: Tue, December 04 2018. 23:11 IST