Chevron Sells Azerbaijan Assets to MOL Hungarian Oil and Gas

San Ramon, Calif. - Apr. 16, 2020

Chevron Corporation (NYSE: CVX) announced today that its affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields (including interests in the Western Export Route Pipeline) and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline located in Azerbaijan, to MOL Hungarian Oil and Gas PLC for a consideration of $1.57 billion. (In this context, “consideration” means the negotiated sale price.)

Chevron Global Ventures Ltd. has sold its 9.57% interest in ACG, which had a daily net production of 20,000 barrels of oil equivalent per day in 2019. In addition, Chevron BTC Pipeline, Ltd. has completed the sale of its 8.9% interest in BTC.

“Chevron regularly reviews its global portfolio to assess whether assets are strategic and competitive for capital,” said Jay Johnson, executive vice president of upstream. “This sale is an important part of our divestment program, which is targeting before-tax proceeds of $5 billion to $10 billion between 2018 and 2020.”

The transaction closed on April 16, 2020.

Chevron Corporation is one of the world’s leading integrated energy companies. Through its subsidiaries that conduct business worldwide, the company is involved in virtually every facet of the energy industry. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemicals and additives; generates power; and develops and deploys technologies that enhance business value in every aspect of the company’s operations. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

In addition to Chevron’s 9.57% interest in ACG, the remaining interest holders are: BP Exploration (Caspian Sea) Limited (Operator, 30.37%); SOCAR (25%); Inpex Southwest Caspian Sea, Ltd. (9.31%); Equinor Apsheron a.s. (7.27%); Exxon Azerbaijan Limited (6.79%); Turkiye Petrolleri A.O., (5.73%); Itochu Oil Exploration (Azerbaijan) Inc. (3.65%); ONGC Videsh Limited (2.31%). In addition to Chevron BTC Pipeline, Ltd.’s 8.90% interest in BTC, the other shareholders are: BP Pipelines (BTC) Limited (Operator, 30.10%); SOCAR (25%); Equinor BTC Caspian AS (8.71%); Turkish Petroleum BTC Ltd. (6.53%); ENI BTC Limited (5.00%); TOTAL (BTC) B.V. (5.00%); ITOCHU Oil Exploration (BTC) Inc. (3.40%); INPEX BTC Pipeline, Ltd. (2.50%); Exxon Azerbaijan Limited (2.50%); ONGC BTC Limited (2.36%). As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Chevron Corporation press release