Hungarian MOL Company’s daily oil output in Azerbaijan nears 13,000 B/D

In the first quarter of 2024, the Hungarian MOL company’s daily oil production in Azerbaijan averaged 12,800 barrels of oil equivalent, Report informs with reference to the company.

This figure represents a 14.7% decrease, equivalent to 2,200 barrels, compared to the same period in 2023. The production took place in the Azeri-Chirag-Gunashli (ACG) field.

MOL’s total oil production for the first quarter stood at 92,300 barrels of oil equivalent, marking a 3.8% reduction from the previous year’s corresponding quarter. However, this total indicates a slight increase of 0.9% over the fourth quarter of 2023.

MOL holds a 9.57% stake in the ACG project and an 8.9% interest in the Baku-Tbilisi-Ceyhan oil pipeline.