According to the information of Reuters, two of world’s leading oil producers, Exxon Mobile and Chevron, intend to sell their stakes in Azerbaijan’s largest oilfield Azeri-Chirag-Gunashli. The US corporations invested in this project back in 1994, however, their inputs did not pay off.
Both oil companies plan to sell almost all their possessions in the Azeri oil project. Exxon Mobile anticipates the profit of $2 billion from selling 6.8% of its share in this field. Chevron wants to sell 9.57% of its Azeri share and 8.9% of one in the Baku-Tbilisi-Ceyhan pipeline.
The two oil giants concluded an agreement with the Azerbaijani authorities on the Azeri-Chirag-Gunashli oil field’s development in 1994. The share of Exxon Mobile was 8% and the Chevron’s one - 11.2%. The deal was intended for 30 years. As experts say, the project was seen as a key to lower Europe’s dependence on Russian energy products and was supported by the US government as well as Western countries. Nevertheless, new reserves have not been found yet at this oil field.
