Chevron Corp. completed the sale a deepwater asset offshore Azerbaijan in a multibillion-dollar deal, the U.S. oil major said April 16.

MOL Plc, a Hungarian multinational oil and gas company, agreed to buy the asset, which consisted of Chevron’s nonoperating interests in the Azeri-Chirag-Deepwater Gunashli (ACG)—the largest oil field in the Azerbaijan sector of the Caspian Basin, for $1.57 billion.

ACG had a daily net production of 20,000 boe/d in 2019, according to the Chevron press release.

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Offshore