BAKU, Azerbaijan, Aug.10
By Leman Zeynalova – Trend:
Non-current assets of Hungarian MOL Group, one of the shareholders of the Azeri-Chirag-Gunashli (ACG) block of oil fields in the Azerbaijani sector of the Caspian Sea stood at 613.601 billion HUF (1 Hungarian Forint equals 0.0034 United States Dollar) in the first quarter of 2020, Trend reports citing the company.
Property, plant and equipment of MOL Group in the country amounted to 613.601 billion HUF.
Current assets stood at 36.552 billion HUF, including inventories (9.002 billion HUF), trade and other receivables (8.858 billion HUF), other current assets (6 million HUF), cash and cash equivalents (18.686 billion HUF).
Net cash outflow stood at 456.340 billion HUF.
On 16 April 2020, MOL Group 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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