MOL Group discloses Azeri-Chirag-Gunashli production volume

MOL Group discloses Azeri-Chirag-Gunashli production volume

BAKU, Azerbaijan, Aug.7

By Leman Zeynalova – Trend:

The average of the entire production of Hungarian MOL Group from Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea for the first half of 2020 is 8.2 million barrels per day, Trend reports citing MOL Group.

“Average daily entitlement production amounted to 19.6 mbpd for the period from deal closing to 30th June, whereas the average of the entire H1 2020 is 8.2 mbpd for MOL,” said the company.

The transaction of acquiring a stake in the Azerbaijan ACG field and BTC pipeline was closed mid-April 2020, production entitlement is being received since.

The May-June production has been impacted by the commitment of Azerbaijan to decrease its oil production, in line with OPEC+ curtailments, the company said.

“Drilling program activities are in progress. Operator BP remains committed to delivering Azeri Central East (ACE) project,” said MOL Group.

On 16 April 2020, MOL Group has successfully closed the previously announced deal with Chevron Global Ventures, Ltd and Chevron BTC Pipeline, Ltd regarding the acquisition of their non-operated E&P interests in Azerbaijan, including a 9.57 percent stake in the Azeri-Chirag-Gunashli (“ACG”) oil field, and an effective 8.9 percent stake in the Baku-TbilisiCeyhan (“BTC”) pipeline that transports the crude to the Mediterranean port of Ceyhan for a total consideration of USD 1.57bn with an effective date of 1 January 2019. With this transaction MOL Group becomes 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.

This transaction is a major milestone in building MOL Group’s international E&P portfolio and a significant step to deliver on the inorganic reserve replacement targets. The operator estimates total gross recoverable reserves to be approximately 3bn bbl of oil, following the license extension in September 2017 until 2049.

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