Devon Finalizes ACG Field Sale for $2B


Map showing the ACG development
(Click to Enlarge)

Devon 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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