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News // Companies

Devon Sells ACG Field in Azerbaijan To BP For $2 Billion

17 August 2010 , 11:07Oil and Gas Eurasia1638

 

Devon Energy Corporation (NYSE:DVN) today announced that it has completed the sale of its ACG field located offshore Azerbaijan in the Caspian Sea to BP for $2 billion. Devon’s current production from the ACG field is approximately 17 thousand barrels of oil per day.
“With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion,” said John Richels, Devon’s president and chief executive officer. “The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil.”
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. 

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