INTERNATIONAL – Exxon Mobil is seeking to sell its stake in Azerbaijan’s largest oil field, once dubbed the “contract of the century”, as the US oil and gas giant re-focuses its global operations, industry and banking sources said.
Exxon is hoping to raise up to $2 billion (R 27bn) from the sale of its 6.8 percent in the Azeri-Chirag-Gunashli (ACG) field in the Caspian Sea, according to the sources.
Exxon spokeswoman Julie King declined to comment, saying “we don’t comment on market rumors or speculation.” Azerbaijan’s state oil company Socar was not immediately available to comment.
The sale would mark the end of a 25-year journey. Exxon was among five US oil companies that helped create Azerbaijan’s current oil industry soon after the collapse of the Soviet Union and signing the deal in 1994.
The deal was dubbed by Azerbaijan and partners as the “the contract of the century” thanks to the field’s large reserves and hopes of future major discoveries that would help Europe diversify away from Russian oil and gas.