Since the oil industry started to recover from the 2014 price crash, U.S. supermajors ExxonMobil and Chevron have been re-aligning their global operations with their longer-term priorities, betting more on the shale patch at home and on several strategic projects worldwide. The companies are now looking to exit Azerbaijan, including the country’s biggest oil field and some pipeline infrastructure. This would mark the withdrawal of U.S. companies from the Azeri oil industry a full 25 years after western majors, including five U.S. firms, signed what is known as “the Contract of the Century” in the former Soviet republic. As part of a re-prioritization of its global operations, ExxonMobil is looking to sell its minority stake in the giant Azeri oil field Azeri-Chirag-Gunashli (ACG) in the Caspian Sea, hoping to obtain as much as US$2 billion for its interest, Reuters reported on Tuesday, citing banking and industry sources. Chevron, for […]