SOCAR acquires Equinor’s assets in Azerbaijan PHOTO

Azerbaijan's state oil company SOCAR has acquired Equinor’s shares in Azeri-Chirag-Gunashli, Karabakh fields, and Baku-Tbilisi-Ceyhan project, Trend reports citing SOCAR.

On December 22, 2023, a meeting was held between the President of the State Oil Company of Azerbaijan Republic (SOCAR), Rovshan Najaf, and the delegation led by Equinor’s Executive Vice President for International Exploration and Production, Philippe Mathieu.

During the meeting, the companies struck a deal on SOCAR's acquisition of Equinor’s shares in the Azeri-Chirag-Gunashli (ACG) and Karabakh fields, as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline project.

Before the acquisition, Equinor held a 7.27 per cent stake in the ACG oil fields, an 8.71 per cent interest in the BTC pipeline, and 50 per cent in the Karabakh field. Previously, SOCAR had a 25 per cent stake in ACG, 25 per cent in BTC, and 50 per cent in the Karabakh field.