Equinor Is Said to Explore Sale of $1 Billion Azerbaijan Assets

Equinor ASA is exploring the sale of its operations in Azerbaijan, including a stake in the country’s largest oil project, people with knowledge of the matter said.

The Norwegian energy company is working with Jefferies Financial Group Inc. to gauge buyer interest in the assets, which includes a 7.27% interest in the large Azeri-Chirag-Gunashli field, the people said. A deal could value the assets at about $1 billion, they said.

Operated by BP Plc, the ACG field on the Caspian Sea is Azerbaijan’s largest oil project. It pumped some 10.6 million tons of crude in the first seven months of ...