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Exxon, Chevron Seek to Exit Azerbaijan's Oil After 25 Years

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Exxon, Chevron Seek to Exit Azerbaijan's Oil After 25 Years

Exxon, Chevron Seek to Exit Azerbaijan's Oil After 25 Years

According to Reuters, Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan’s largest oilfield, marking the retreat of the U.S. majors from the former Soviet state after 25 years as they re-focus on domestic production.

Exxon is hoping to raise up to $2 billion from the sale of its 6.8 percent in the ACG field in the Caspian Sea.

For both companies, the sale would mark the end of a 25-year involvement.

Exxon and Chevron were among five U.S. oil companies that helped create Azerbaijan’s current oil industry.

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