MOL Acquires Chevron's Interest in ACG Field and BTC Pipeline in Azerbaijan

Updated 1 year 10 months ago

MOL signed an agreement with Chevron Global Ventures and Chevron BTC Pipeline to acquire their non-operated interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan, for total consideration of USD 1.57 billion with an effective date of Jan 1 2019. The transaction is subject to government and regulatory approvals and is expected to close in 2Q 2020 and increase 2P reserves to 360-380 million boe by the end of 2020.