Azerbaijan progresses in gas reserves development.

Thursday 26 September 2024
Gas Company MOL Group’s Expansion into Azerbaijan’s Gas Industry
In an exciting development for the energy sector, Hungarian gas retail company, MOL Group, alongside its Joint Venture partners, has recently inked commercial agreements to kickstart the development of the ACG gas field in Azerbaijan.
MOL Group has secured its position as the third largest shareholder in the ACG field, trailing only behind the esteemed State Oil Company of the Republic of Azerbaijan (SOCAR) and bp.
With the freshly signed agreements, the stakeholders are poised to delve into the exploration and development of the gas reservoirs located within the ACG field. Notably, these gas reservoirs sit below and above the existing oil reservoirs, presenting a promising opportunity for extensive resource extraction.
The estimated gas reserves within the ACG field are a staggering four trillion cubic feet, equivalent to about 112 billion cubic meters, underscoring the substantial potential of this venture.
Commenting on this significant milestone, Zsolt Hernádi, the Chairman and Chief Executive Officer of MOL Group, lauded the collaborative efforts that have paved the way for this new phase in the company’s operations. He expressed, ‘Today marks a crucial juncture for MOL Group as we venture into the realm of gas reservoir development in Azerbaijan after years of steadfastly developing and producing oil fields. This achievement is a testament to the outstanding cooperation extended by SOCAR and our partners in the ACG project.’
Hernádi further emphasised the economic implications of this partnership, stating, ‘This groundbreaking advancement also signals a momentous occasion for the economic ties between Azerbaijan and Hungary. Thanks to the strong governmental relations between our nations, we have deepened our business collaborations significantly. ACG stands as a prized asset for us, serving as the primary international contributor to our hydrocarbon production.’
‘Furthermore,’ he continued, ‘MOL’s involvement in this project stands as a flagship economic alliance between our two nations. The strategic importance of ACG extends beyond the borders of Azerbaijan and Hungary, playing a pivotal role in enhancing the energy security of Central Europe. The field’s production not only offers us flexibility in crude oil sourcing for our refineries in Slovakia and Croatia but also benefits the entire region through this valuable partnership.’
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