SOCAR acquires assets in Karabakh field

Azerbaijan's state oil company SOCAR has acquired Equinor’s shares in Azeri-Chirag-Gunashli (ACG), Karabakh fields and Baku-Tbilisi-Ceyhan (BTC) project, the SOCAR press service reported.

A meeting was held on December 22 between the President of SOCAR Rovshan Najaf and the delegation led by Equinor’s Executive Vice President for International Exploration and Production Philippe Mathieu.

During the meeting, agreements were signed for SOCAR's acquisition of Equinor’s shares in the ACG and Karabakh fields, as well as the BTC pipeline project.

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

The transactions will be completed following compliance with all regulatory requirements and contractual obligations.