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Devon Energy says will dump its stake Azeri-Chirag-Guneshli

24 November 2009 14:36 (UTC +04:00)

Baku. Nijat Mustafayev - APA-ECONOMICS. The largest U.S.-based independent natural gas and oil producer Devon Energy, which holds a 5.62 minority equity share in the Azeri-Chirag-Guneshli offshore fields in the Azerbaijani sector of the Caspian Sea, intends to sell its stake, said Asim Alikishibeyov, general manager of Devon Energy Caspian Corporation (DECC), a subsidiary of Devon Energy.

Devon Energy intends to unload all its stakes in offshore projects in Azerbaijan, Brazil, Mexico, Russia and China in order to focus on onshore fields.

According to him, Devon Energy maintains its share in projects in the U.S. and Canada.

Some reports say Devon Energy may see its ACG stake by as early as the first quarter of 2010.

ACG participating interests are: BP (operator-34.1%), Chevron (10.2%), SOCAR (10%), INPEX (10%), Statoil (8.6%), ExxonMobil (8%), TPAO (6.8%), Devon (5.6%), Itochu (3.9%) and Hess (2.7%).