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. ACG will add to production around 15-20 mboepd (entitlement production share changes with the oil price environment and investment and operating costs due to Production Sharing Agreement regime).
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.
For details of other E&P operations, please click on the highlighted countries below: