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MOL completes purchase of Chevron assets in Azerbaijan

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Oilfield Technology,

MOL has closed the previously announced deal with Chevron regarding the acquisition of their non-operated E&P and midstream interests in Azerbaijan.

The interests include a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oilfield, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports crude to the Mediterranean port of Ceyhan. The purchase was made for a total consideration of US$1.57 billion with an effective date of 1 January 2019.

With this transaction MOL becomes the third largest field partner in ACG, a supergiant oilfield, located in the Caspian Sea, which is operated by BP and started production in 1997. The operator estimates total gross recoverable reserves to be approximately 3 billion bbl of oil, following the license extension in September 2017 until 2049.

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