Equinor has closed transactions exiting the upstream businesses in Azerbaijan and Nigeria, with a total estimated consideration of up to $2 billion.
Report informs citing the company that after more than 30 years as a business partner in Azerbaijan and Nigeria, transactions leading to Equinor exiting the countries have now been closed on November 29 and December 6 respectively.
“With these exits we realise value and execute on our strategy to focus the international portfolio, and in combination with recent acquisitions and investments in our competitive projects, we seek to sustain long-term production and profitability,” says Philippe Mathieu, executive vice president for international exploration and production in Equinor.
For the divestment of the full portfolio in Azerbaijan, Equinor will receive a total cash consideration of $745 million. The value of the transaction in Nigeria amounts to up to $1.2 billion, consisting of a purchase price of $710 million and the remainder in contingent payments.
“Azerbaijan and Nigeria have been important countries in our international portfolio for decades. Together with partners and suppliers, we have created significant value for Equinor and society at large. I would like to thank them and our employees in Azerbaijan and Nigeria for their great work and dedication over the years and wish our people well in the transition of their professional journey,” Mathieu continues.
