Equinor completed its operations in Azerbaijan and Nigeria, concluding transactions on November 29 and December 6, respectively.
As Day.Az reports with reference to Trend, Equinor’s executive vice president for international exploration and production, Philippe Mathieu, emphasized the significance of these transactions: “These steps allow us to implement the strategy, extract maximum value and focus investments where the return will be greatest.”
For the Azerbaijani portfolio, Equinor received $745 million, while the Nigerian assets brought in up to $1.2 billion, including the $710 million purchase price and additional contingent payments.
Mathieu noted the contributions of the company’s employees, partners and suppliers in these countries: “Together, we have created significant value for Equinor and society as a whole. I thank everyone who contributed and wish our teams success in their future professional endeavors.”
The asset sales, first announced in 2023, are part of a large-scale oil and gas portfolio optimization program. This allows the company to focus on key regions and strengthen its international presence.
In the first three quarters of 2024, assets in Azerbaijan and Nigeria provided average production of 24,600 and 18,700 barrels of oil per day, respectively. The transactions are expected to have a positive impact on Equinor’s cash flow in the fourth quarter of 2024, improving the company’s financial performance.
In line with its long-term strategy, Equinor projects annual after-tax cash flow from oil, gas and trading at $20 billion through 2035. The international upstream segment will remain key to achieving this goal, with cash flow expected to increase by 50 percent by 2030.