Chevron selling Azerbaijan interests to MOL

MOL has agreed to acquire Chevron Global Ventures’ and Chevron BTC Pipeline’s E&P and midstream interests in Azerbaijan for $1.57 billion.

The Azeri-Chirag-Gunashli oil field development produces through six platforms offshore Azerbaijan.
The Azeri-Chirag-Gunashli oil field development produces through six platforms offshore Azerbaijan.
(Courtesy BP)

Offshore staff

BUDAPEST, HungaryMOL has agreed to acquire Chevron Global Ventures’ and Chevron BTC Pipeline’s E&P and midstream interests in Azerbaijan for $1.57 billion.

These include a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field in the Caspian Sea, and 8.9% of the 1,768-km (1,099-mi) long Baku-Tbilisi-Ceyhan pipeline that transports the crude to the Turkish Mediterranean port of Ceyhan.

Assuming regulatory consents come through as expected by 2Q 2020, MOL would become the third largest partner in ACG which currently produces through six offshore platforms.

Output last year averaged 584,000 b/d: other partners are operator BP, ExxonMobil, Equinor, SOCAR, TPAO, Itochu, and ONGC.

MOL’s share over the coming years should be around 20,000 b/d. The company described ACG as a low-cost producing asset, which would break even in a much lower oil price environment. 

11/05/2019

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