MOL is the third-largest shareholder in the Azeri-Chirag-Deepwater Gunashli (ACG) field, after the State Oil Company of the Republic of Azerbaijan and BP, which operates the JV.
MOL said non-associated gas reservoirs were identified beneath and above the oil-producing reservoirs of the ACG field.
The commercial agreements amend the existing ACG production sharing agreement framework, enabling the parties to advance the exploration, appraisal, development of and production from the gas reservoirs of the ACG field, MOL said.
ACG non-associated gas resources are believed to be significant, with up to four trillion cubic feet (around 112 billion cubic meters) in place, it added. Drilling of the initial producing well has already started, with the first gas expected in 2025.
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