Equinor has completed the sale of its upstream operations in Azerbaijan and Nigeria, marking the company's exit from both countries. The total estimated value of these transactions amounts to up to USD 2 billion. After over 30 years of active partnership in these regions, the finalization of the deals took place on November 29 and December 6, respectively. These divestments are part of Equinor's broader strategy to streamline and focus its international portfolio, with the aim of enhancing long-term production and profitability.

Philippe Mathieu, Equinor's Executive Vice President for International Exploration and Production, emphasized that these sales allow the company to realize value while aligning with its strategic objectives. “Through these exits, we execute on our strategy to focus our international portfolio,” Mathieu stated. He also highlighted that these moves, combined with recent acquisitions and investments in competitive projects, are intended to ensure sustained long-term production and profitability.

In Azerbaijan, Equinor will receive USD 745 million for the full divestment of its assets. Meanwhile, the transaction in Nigeria is valued at up to USD 1.2 billion, which includes a purchase price of USD 710 million, with the remaining amount tied to contingent payments. These sales were initially announced in 2023 and are consistent with Equinor's ongoing strategy to optimize its oil and gas portfolio. By exiting these two countries, Equinor can now focus its investments on regions where it can add the most value, thus creating a more focused and resilient international portfolio.

Azerbaijan and Nigeria have been significant contributors to Equinor’s international portfolio for many years. The company has worked closely with partners and suppliers in these countries to generate considerable value, benefiting both Equinor and the broader society. Mathieu expressed his gratitude towards the company’s partners, suppliers, and employees in these countries, acknowledging their contributions and wishing them well during the transition. He praised the dedication and hard work of all those involved in the operations over the years.

The divestments of the assets in both countries will have a positive impact on Equinor’s cash flow for the fourth quarter of 2024. In 2024, the average equity production from Equinor’s assets in Azerbaijan and Nigeria has been approximately 24,600 barrels of oil per day and 18,700 barrels per day, respectively, during the first three quarters. Equinor has consistently reiterated its goal of sustaining a cash flow from operations after tax of around USD 20 billion annually through 2035, as outlined during its capital markets update in February 2024. The company aims to achieve a 50% increase in cash flow from its international upstream business by 2030, positioning this segment as a key driver of its long-term financial goals.