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Devon to Sell Azeri ACG Stake SOCAR

Source: Reuters 2/25/2010, Location: Asia

Devon Energy intends to sell its stake in the Azeri-Chirag-Gunsheli oil fields, a senior official at Azeri state energy company SOCAR said.

"Devon has already informed members of the consortium of its intention to sell its stake in Azeri-Chirag-Guneshli (ACG)," Vagif Aliyev, head of the foreign investment department at SOCAR, told reporters, adding that existing partners in ACG would have right of first refusal.

Devon Energy has a 5.6 percent stake in ACG. BP holds the largest stake, alongside partners including Exxon Mobil, Chevron, Japan's INPEX and Itochu, Turkey's TPAO and SOCAR.

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