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MOL completes purchase of Chevron assets in Azerbaijan

MOL completes purchase of Chevron assets in Azerbaijan

 

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.

Source: oilfieldtechnology.com

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Published: 17-04-2020

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