British oil company BP has purchased an additional interest in the Azeri-Chirag-Gunashli (ACG) oil field development project located offshore Azerbaijan in the Caspian Sea from US-based Devon Energy.
The ACG field currently produces approximately 17 thousand barrels of oil per day and is operated by BP.
Devon will sell all of its 5.63% stake in the ACG project, which will be split among four of the project partners – BP, Chevron, Inpex and Itochu.
BP has acquired an additional 3.29% interest in the project while Chevron, Inpex and Itochu will purchase 0.99%, 0.96% and 0.38%, respectively.
The additional stake will increase BP’s operating interest in the project to 37.43% and those of Chevron, Inpex and Itochu to 11.27%, 10.96% and 4.3% respectively.
Devon president and CEO John Richels said that with the close of ACG, Devon has received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7bn.