Equinor discloses investment volume in Azerbaijan in 2024

Norwegian oil and gas company Equinor invested $91 million in Azerbaijan in 2024, which is 24.17% less compared to 2023, when the investment volume was $120 million, Report informs referring to the company.

Equinor's revenues in Azerbaijan by the end of 2024 decreased by 46.44%, amounting to $188 million. At the same time, the company's cost of expenses increased by 42.25% and reached $101 million. This indicator includes purchases, operational, commercial, administrative expenses, as well as exploration costs (excluding net impairment).

On December 22, 2023, Equinor signed an agreement with the State Oil Company of Azerbaijan (SOCAR) to sell its assets in the country. As part of the deal, the company transferred to SOCAR its stakes in the Azeri-Chirag-Gunashli (ACG) field block development projects and the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, as well as 50% in the Karabakh field project.

The deal to sell the stake in the Karabakh project was closed in April 2024.

In addition, in July 2024, Equinor signed a final agreement with SOCAR and ONGC Videsh Limited on the sale of 7.27% in the ACG project and 8.71% in the BTC oil pipeline. Equinor will receive $745 million from the sale of assets in Azerbaijan.