MOL closes acquisition of stake in Azeri oil field
josefkubes / Shutterstock.com
Hungarian oil and gas company MOL said it closed the acquisition of a 9.57% stake in the Azeri-Chirag-Gunashli oil field in the Caspian Sea, one of the largest offshore oil fields in the world, and an 8.9% stake in the pipeline that transports the crude to a port on the Mediterranean Sea, for a consideration of USD 1.57 billion from Chevron, state news wire MTI reports.
Image by josefkubes / Shutterstock.com
The transaction was closed with an effective date of January 1, 2019.
MOL is now the third-largest partner in the supergiant oil field with estimated total gross recoverable reserves of around 3 billion barrels of oil.
"This transaction is a major milestone in building MOL’s international E&P portfolio and a significant step to deliver on the inorganic reserve replacement targets," MOL said.
MOL announced the acquisition in November of 2019.
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