Is Pertamina Eyeing ExxonMobil's Shares in ACG Oil and Gas Block?

Summary

ExxonMobil again offered to release a 6.8 percent stake in the Azeri-Chirag-Gunashli (ACG) Block, the largest oil field in Azerbaijan. Several oil and gas companies from Asia are said to be interested in buying Exxon's shares, including PT Pertamina, China National Offshore Oil Corp (CNOOC), and ONGC from India.

As reported by Reuters, ExxonMobil once offered the ACG Block stake in 2018 when Chevron also offered 9.57 percent of its shares in that oil and gas block. However, the company's share divestment was delayed when Chevron began negotiations with a Hungarian energy company, MOL, which ended with an agreement worth US$ 1.57 billion in November 2019. "ExxonMobil is now testing the market interest for its assets in Azerbaijan," Exxon spokesperson Julie King said. The company routinely evaluates the portfolio of its production assets and will sell them if other companies offer attractive prices.

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