In a major shake-up in the global energy industry, Norway's state-controlled energy company, Equinor, has divested all of its oil and gas assets in Azerbaijan. The buyer is none other than Azerbaijan's own state-run oil company, Socar. This move marks a significant shift in the landscape of international oil and gas operations.
1. Norway's state-controlled energy company, Equinor, has sold all of its oil and gas assets in Azerbaijan.
2. The buyer of the assets is Azerbaijan's own state-run oil company, Socar.
3. This significant deal marks a substantial shift in global energy industry and specifically international oil and gas operations.
4. This decision indicates a considerable change in Equinor's strategic orientation.
5. The purchase will further strengthen Socar's control over Azerbaijan's oil and gas resources and it demonstrates a prevailing trend among major international oil companies to streamline their portfolios.
Equinor sold its 9.57% stake in the Azeri Chirag Guneshli oil field and a 8.56% stake in the Baku-Tbilisi-Ceyhan pipeline to Socar, marking the complete exit of the company from the oil-rich country.
Equinor's decision to relinquish control over its Azerbaijani assets signifies a significant shift in the company's strategic orientation. While the exact details of the transaction remain undisclosed, it's clear that the deal will consolidate Socar's grip on Azerbaijan's oil and gas resources. The move undoubtedly underscores the ongoing trend among major international oil companies to streamline their portfolios and reassess their exposure to various global markets.