) has relaunched the sale of its stake in Azerbaijan’s largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices.
While Exxon’s sale process was never officially suspended, it was put on the backburner when Chevron started negotiations with Hungarian energy firm MOL MOLB.BU for the sale of its assets last year, which led to a $1.57 billion deal in November. Exxon routinely evaluates its producing portfolio and “if other companies find more value in an asset, we will sell,” she added.
A spokesman for SOCAR, Azerbaijan’s national oil company declined to comment. BAML declined to comment, and Pertamina did not respond to requests for comment. Exxon last year launched a plan to divest up to $25 billion of oil and gas fields in Europe, Asia and Africa as it sharpened its focus on a handful of mega projects at home and abroad.
Oilfield_Rando
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