Equinor has completed transactions to exit its upstream operations in Azerbaijan and Nigeria, securing a total estimated consideration of up to $2bn (NKr22.16bn).

These exits, finalised on 29 November and 6 December, align with Equinor's strategy to optimise its oil and gas portfolio.

The divestment in Azerbaijan will provide Equinor with a total cash consideration of $745m.

In Nigeria, the transaction amounts to up to $1.2bn, comprising a purchase price of $710m and additional contingent payments.

These strategic exits allow Equinor to focus on investments in countries where it can add the most value and develop a more focused international portfolio.

Equinor executive vice-president for international exploration and production Philippe Mathieu said: “With these exits we realise value and execute on our strategy to focus the international portfolio, and in combination with recent acquisitions and investments in our competitive projects, we seek to sustain long-term production and profitability.

“Azerbaijan and Nigeria have been important countries in our international portfolio for decades. Together with partners and suppliers, we have created significant value for Equinor and society at large.

“I would like to thank them and our employees in Azerbaijan and Nigeria for their great work and dedication over the years and wish our people well in the transition of their professional journey,” Mathieu added.

Equinor's average equity production from the assets in Azerbaijan and Nigeria was 24,600 barrels of oil per day (bopd) and 18,700bopd, respectively, in the first three quarters of 2024.

The closure of these transactions is expected to positively impact cash flow for the fourth quarter of 2024.

During a capital markets update in February 2024, Equinor projected sustaining an average cash flow from operations after tax of around $20bn through 2035.

The international upstream business is crucial for this goal, with a forecasted 50% increase in cash flow from this segment by 2030.