Equinor Completed Sale of Upstream Operations in Azerbaijan and Nigeria

SEATTLE (Oil Monster): Equinor declared that it had successfully sold its upstream businesses in Nigeria and Azerbaijan, as previously disclosed. The business is now leaving both of these nations. It should be mentioned that for a number of years, Nigeria and Azerbaijan have contributed significantly to the company's global portfolio.

The combined value of the transactions is estimated at around $2 billion. The divestments are part of the company’s broader strategy to streamline and focus on its international portfolio. In addition, the business will now concentrate its investments in areas where it can make the biggest impact.

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Equinor is expected to receive $745 million from the complete sale of its Azerbaijani operations. The estimated value of the Nigerian assets being sold is $1.2 billion. Equinor's cash flow for the fourth quarter of this year is anticipated to improve as a result of the asset divestment. The sales were first announced by the corporation in 2023.

By 2030, Equinor wants to increase its foreign upstream cash flow by as much as 50%.

Equinor's Executive Vice President for International Exploration and Production, Philippe Mathieu, conveyed his appreciation to the company's suppliers, partners, and workers in these nations. He wished everyone involved in the activities well during the transition and commended their commitment and diligence over the years.