MOL Group reveals net revenue from Azeri-Chirag-Gunashli
BAKU, Azerbaijan, Aug.7
By Leman Zeynalova – Trend:
The net revenue of Hungarian MOL Group from the Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea stood at 8,800,000,000 HUF ($30,080,001) during the period from 16 April 2020 to 30 June 2020, Trend reports citing MOL Group.
The company’s profit during this period amounted to 3,965,000,000 HUF ($13,553,091), reads the MOL Group’s report.
MOL Azerbaijan’s non-current assets equaled to 613,601 million HUF, current assets - 36,552 million HUF.
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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