BAKU, Azerbaijan, March 22. Norway's Equinor witnessed a decline in revenues from its exploration and production segment in Azerbaijan, dropping from $381 million in 2022 to $351 million in 2023, marking a nearly 7.9 percent decrease, Trend reports via the company.
The company's investments in Azerbaijan last year amounted to $120 million, down from $124 million in 2022, indicating a 3.2 percent decrease.
Operating costs, inclusive of operating expenses, selling, general, and administrative expenses, and exploration expenses, excluding net impairments, totaled $71 million, in contrast to $241 million in 2022, reflecting a decrease of 3.4 times.
Equity production volume stood at 10 million barrels of oil equivalent, compared to 11 million barrels of oil equivalent in 2022, signifying a 10 percent decrease.
In late December 2023, Azerbaijan’s state oil company SOCAR acquired Equinor’s shares in Azeri-Chirag-Gunashli, Karabakh fields, and Baku-Tbilisi-Ceyhan project.
Before the acquisition, Equinor held a 7.27% stake in the ACG oil fields, an 8.71% interest in the BTC pipeline, and 50% in the Karabakh field. Previously, SOCAR had a 25% stake in ACG, 25% in BTC, and 50% in the Karabakh field.
The transactions will be completed following compliance with all regulatory requirements and contractual obligations.
Equinor has started liquidation of its local companies in Azerbaijan.
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