Senior vice president: MOL Group interested in additional resources of ACG block

Hungarian company MOL (the third largest shareholder of the ACG field) is interested in additional resource potential of the Azeri-Chirag-Gunashli (ACG) block, especially in the parts of the field containing non-associated gas, as well as in nearby structures within the block itself, MOL Group Senior Vice President for Exploration and Production Adam Homonnay said during the 30th Anniversary Baku Energy Forum.

Report quotes Homonnay as saying the company is actively exploring opportunities to expand its presence in Azerbaijan: "We recently celebrated the fifth anniversary of our participation in the ACG project. We maintain a strong interest in exploration in Azerbaijan. Last year, we also signed a memorandum of understanding with the State Oil Company of Azerbaijan (SOCAR) “On exploration, development and production in the Shamakhi-Gobustan area”, and we are actively promoting this project. I hope that we will soon reach the next stage of its implementation."

ACG is the largest block of oil fields in Azerbaijan. The first production sharing contract for the development of the block of fields was signed on September 20, 1994. On September 14, 2017, a new agreement on the joint exploitation of these fields and production sharing was signed. This agreement provides for the development of the fields until the end of 2049. Stakes in ACG are owned by BP (30.37%), SOCAR (31.65%), MOL Group (9.57%), INPEX (9.31%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%), ONGC Videsh Limited (OVL) (2.92%).