BAKU (Today.az)–The U.S. company Devon Energy is selling its share in the development of the Azeri-Chirag-Guneshli (ACG) offshore Caspian drilling project, hoping to focus on mining projects in the U.S instead, the Azeri Trend.az newsportal reported on Tuesday.
“We will sell our stake in the ACG project, as well as all our international assets, including assets in the Gulf of Mexico,” Devon Energy Spokesman Chip Minty wrote Trend News in an e-mail Tuesday.
According to the company official, Devon Energy has decided to focus its activities on onshore projects in North America, “where the company has more opportunities to drill.”
According to some reports, Devon Energy will sell its share in the first quarter of 2010.
Devon Energy has a 5.62-percent equity share in the ACG project. Its total reserves of oil deposits exceed 900 million tons.
ACG participating interests are: BP (operator – 34.1 percent), Chevron (10.2 percent), SOCAR (10 percent), INPEX (10 percent), StatoilHydro (8.6 percent), ExxonMobil (8 percent), TPAO (6.8 percent), Devon (5.6 percent), ITOCHU (3.9 percent), and Delta Hess (2.7 percent).
In the first three quarters of 2009, BP produced roughly 224 million barrels of oil from the ACG fields, which on average is over 822,100 bpd, BP reported earlier.
The Baku-Supsa pipeline on the Black Sea coast of Georgia transports Azeri Light crude varieties produced from the field. The project partners, not including ExxonMobil and Devon Energy, transport major volumes of oil via the Baku-Tbilisi-Ceyhan on the Mediterranean coast of Turkey. ExxonMobil and Devon Energy, not being members of the Baku-Tbilisi-Ceyhan consortium, transport their energy by rail in the direction of the Georgian Black Sea ports.