Chevron sells assets and exits Azerbaijan

According to this article Chevron, along with its peer Exxon, is planning to sell its stake in Azerbaijan’s largest oilfield, ending a 25 long presence there. The official statement that the company wants to focus more on domestic production, but I feel that there is more to this story. Seems to me that US companies are leaving Azerbaijan in a panicky way. Any thoughts?

https://www.reuters.com/article/us-exxon-azerbaijan-exclusive/exclusive-exxon-chevron-seek-to-exit-azerbaijans-oil-after-25-years-idUSKBN1O315D

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What happened here. Someone fxxx up or just run outa cash.

Looks like these companies accept the age of expensive mega projects is over. Why else give up on one of the biggest gas fields in the world.

Chevron doesn't like to hold minority interests in a operation. Sale of this aging oil production enterprise has been rumored before (read: declining production, possible abandonment costs).

This is a BP operation (including some "should have been" avoided operational risks (gas leaks on ACG). I'm more surprised that CVX is selling their interest in the BTC pipeline instead of using route as a failsafe, if CPC throughput is threatened.

Baku is a wonderful, historic city (one of the highlights on the EBU travel front).

It will be interesting to see who the bidders are for the CVX and XOM interests---- don't think SOCAR wants BP to have an even larger share. U.S. might not allow sale of interest to Iran (which owns interest in Shah Deniz gas field)

Thread regarding Chevron Corp. layoffs

Chevron sells assets and exits Azerbaijan

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