Equinor ASA ( EQNR ) completed transactions to exit its upstream businesses in Azerbaijan and Nigeria, with an estimated total consideration of up to $2 billion, following more than 30 years as a business partner in the regions.

Equinor ( EQNR ) will receive a total cash consideration of $745 million for the divestment of its full portfolio in Azerbaijan.

The transaction in Nigeria is valued at up to $1.2 billion, including a purchase price of $710 million and the remainder in contingent payments.

The divestments of assets and exits from operations in Azerbaijan and Nigeria, announced in 2023, align with Equinor’s strategy to optimize its oil and gas portfolio.

The completion of these transactions will positively impact cash flow for the fourth quarter of 2024.

In the first three quarters of 2024, the assets in Azerbaijan and Nigeria averaged 24,600 and 18,700 barrels of oil per day in equity production, respectively.

Philippe Mathieu, executive vice president for international exploration and production in Equinor ( EQNR ), 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.”

At its February 2024 capital markets update, Equinor ( EQNR ) projected an average cash flow from operations after tax of around $20 billion annually from oil, gas, and trading through 2035.

The international upstream business is crucial to achieving this goal, with an expected 50% increase in cash flow from this segment by 2030.

Last week, Equinor ( EQNR ) and Shell PLC subsidiaries announced the plan to merge their U.K. offshore oil and gas assets to form the U.K. North Sea’s largest independent producer.

Investors can gain exposure to the stock via Keating Active ETF ( KEAT ) .

Price Action: EQNR shares are up 3.6% at $24.07 at the last check Monday.

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