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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.