MOL in talks for USD 2 bln Chevron stake in Azeri oilfield

Deals

Hungarian oil and gas company MOL is in talks to acquire U.S. energy giant Chevron’s stake in a major oilfield in Azerbaijan for more than USD 2 billion, international news service Reuters reported, citing three banking and industry sources involved in the process.

Both Chevron and its larger U.S. rival ExxonMobil are seeking to sell their stakes in the BP-operated Azeri-Chirag-Gunashli field in the Caspian Sea, Reuters reported.

This marks the retreat of the U.S. majors from the central Asian state after 25 years as they refocus on domestic production. MOL was initially interested in both oil companies’ stakes in the field, but decided to bid only for Chevron’s 9.57% holding, the sources told Reuters.

ADVERTISEMENT

Hungary GDP up 6.5% y.o.y. in Q2 Analysis

Hungary GDP up 6.5% y.o.y. in Q2

Parl't approves 2023 budget Parliament

Parl't approves 2023 budget

Danubius Hotels Appoints Group Director of Development Appointments

Danubius Hotels Appoints Group Director of Development

Muni Council Organizing Meeting to Improve Air Quality City

Muni Council Organizing Meeting to Improve Air Quality

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.