Chevron Corp. (NYSE: CVX) has decided to launch the sale of its stake in Azerbaijan's largest oil field as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline, the company said in a statement on Dec. 4.
"Chevron regularly reviews its global portfolio of assets to ensure alignment with its long-term priorities," the San Ramon, Calif.-based company said.
"As part of this review, we have decided to initiate the process of marketing, with a view to a potential sale, of our Chevron affiliate interests in the Azeri Chirag and Deep Water Gunashli (ACG) project and the Baku-Tbilisi-Ceyhan (BTC) Pipeline."
Earlier on Dec. 4, industry sources told Reuters that rival ExxonMobil Corp. (NYSE: XOM) is also seeking to sell its 6.8% stake in the ACG project.
Partners Group, which manages $84 billion worth of assets, said it was looking to make more acquisitions in Norway.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
The sale of the company’s pressure pumping business to ProPetro will bring Pioneer Natural Resources’ divestiture proceeds for the year to roughly $900 million.