Equinor ASA (EQNR Quick QuoteEQNR - Free Report) is considering selling some of its operations in Azerbaijan, including a 7.27% stake in the Azeri-Chirag-Gunashli (ACG) field, the country's largest oil project, per a Bloomberg report.

Per the report, Equinor is working with Jefferies Financial Group Inc. to gauge buyer interest in the massive ACG field. The assets could have a $1 billion market worth following a deal.

In the first seven months of this year, the ACG field in the Caspian Sea, which is operated by BP plc (BP Quick QuoteBP - Free Report) with the help of other partners Exxon Mobil Corporation (XOM Quick QuoteXOM - Free Report) , Socar, the national energy firm of Azerbaijan, and Japan's Inpex, pumped almost 10.6 million tons of crude oil, according to official figures.

In the first half of 2023, BP and its co-venturers spent about $232 million in operating expenditure and $746 million in capital expenditure on ACG activities.

Equinor is required by the provisions of an existing contract to grant Socar first refusal on its stake. Bids for the presumably $1 billion-Equinor assets are expected in the upcoming weeks.

In addition to the Baku-Tbilisi-Ceyhan oil export pipeline, Equinor has stakes in other Caspian Sea exploration and development fields.

Zacks Rank & Key Pick

Equinor currently carries a Zack Rank #3 (Hold).

A better-ranked stock in the energy sector is CVR Energy Inc. (CVI Quick QuoteCVI - Free Report) ,sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

CVR Energy is an independent refiner and marketer of high value transportation fuels. Headquartered in Sugar Land, TX, CVI has 1,470 employees. It is also engaged in nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP.