OilVoice - Devon Energy Completes Sale of ACG Field in Azerbaijan

Devon Energy Completes Sale of ACG Field in Azerbaijan

Monday, August 16, 2010

Devon Energy Corporation has completed the sale of its ACG field located offshore Azerbaijan in the Caspian Sea to BP for $2 billion. Devon's current production from the ACG field is approximately 17 thousand barrels of oil per day.

"With the close of ACG, we have received aggregate pre-tax proceeds from the Gulf of Mexico and International divestitures of approximately $6.7 billion," said John Richels, Devon's president and chief executive officer. "The strategic repositioning we announced last November is expected to be complete around year-end with the close of our assets in Brazil."

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