MOL Group entered Azerbaijan in 2019 by acquiring a 9.57% stake in the Azeri-Chirag-Gunashli (“ACG”) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (“BTC”) pipeline that transports the crude to the Mediterranean port of Ceyhan. Closing of the deal took place in April 2020. MOL is the third largest field partner in ACG, a supergiant oil field, located in the Caspian Sea, which is operated by BP and started production in 1997.
In 2022, a total of 15 wells were delivered within the 2022 drilling program, of which 12 are producers, 3 are injectors. Further 2 recompletions were also delivered. A planned maintenance program was carried out on East Azeri platform. The Azeri Central East project continued its progress towards first oil, with enabling works on other platforms, fabrication and installation activities. After a suspension due to technical difficulties, the Chirag Gas Lift System is fully operational now since a resolution was found.
PRIORITIES FOR UPCOMING YEARS
MOL is committed to long-term value creation as a responsible JV partner in collaboration with the Operator, the host country and other partners.
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