Chevron seeks to sell stakes in giant Azeri oil field, pipeline

LONDON: US oil and gas company Chevron has decided to launch the sale of its stake in Azerbaijan's largest oil field as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline, it said in a statement on Tuesday.

"Chevron regularly reviews its global portfolio of assets to ensure alignment with its long-term priorities," it said.

"As part of this review, we have decided to initiate the process of marketing, with a view to a potential sale, of our Chevron affiliate interests in the Azeri Chirag and Deep Water Gunashli (ACG) project and the Baku-Tbilisi-Ceyhan (BTC) Pipeline."

Earlier on Tuesday, industry sources told Reuters that rival Exxon Mobil is also seeking to sell its 6.8 percent stake in the ACG project.