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MOL to Purchase Stake in ACG Oil Field and BTC Pipeline in Azerbaijan

Gasoil News - Published on Mon, 11 Nov 2019

Image Source: molgroup.
MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli oil field and a 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of USD 1.57 billion with an effective date of 1 January 2019. Once completed, this transaction will make MOL the third largest field partner in ACG.

The supergiant ACG field is located in the Caspian Sea and is one of the largest offshore oil fields in the world which started production in 1997. Operated by BP and encompassing six offshore production platforms, ACG produced an average 584,000 barrels per day in 2018. The operator estimates total gross recoverable reserves to be 3 billion bbl of oil, following the license extension in September 2017 until 2049.

The transaction is subject to government and regulatory approvals and is expected to close in Q2 2020.

Source :

Posted By : Yogender Pancholi on Mon, 11 Nov 2019
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