Budapest-headquartered MOL Group signed business agreements to develop gasoline reserves in Azerbaijan, a MOL media launch revealed.
In response to the discharge, the corporate is the third largest shareholder within the Azeri-Chirag-Deepwater Gunashli (ACG) area, after the State Oil Firm of the Republic of Azerbaijan (SOCAR) and BP. Non-associated gasoline (NAG) reservoirs had been recognized within the ACG area beneath and above the oil-producing reservoirs, the corporate mentioned within the launch.
The present ACG manufacturing sharing settlement (PSA) framework is modified by the business agreements, permitting the events to advance the exploration, evaluation, and manufacturing from the gasoline reservoirs of the ACG area. It’s believed that the ACG non-associated gasoline sources are substantial, with an estimated 4 trillion cubic ft (roughly 112 billion cubic meters) in place.
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“Drilling of the preliminary producing nicely has already began from the West Chirag Platform, with the primary gasoline anticipated in 2025. The nicely is vital as it can ship appraisal by manufacturing which is predicted to underpin future growth plans”, MOL mentioned in its media launch.
Moreover, MOL Group Chairman and CEO Zsolt Hernádi and SOCAR CEO Rovshan Najaf have signed a Memorandum of Understanding in Baku to evaluate potential exploration alternatives within the Shamakhi-Gobustan area. The Memorandum of Understanding expresses MOL Group’s intention to supply their experience, technical and business data, in addition to monetary sources to reinforce Azerbaijan’s hydrocarbon extraction.
“Immediately is a vital milestone for MOL Group as after years of growing and producing oil fields in Azerbaijan, we lengthen our footprint by coming into into gasoline reservoir growth. That is because of the excellent cooperation with SOCAR and the companions of the ACG undertaking”, Hernádi mentioned.
“That is additionally a terrific day for the financial cooperation between Azerbaijan and Hungary and because of the superb governmental relations between our international locations, we’ve been in a position to additional deepen our enterprise cooperation,” he added.
“ACG is our crown jewel as it’s the largest worldwide contributor to our hydrocarbon manufacturing. Additionally, MOL’s participation within the undertaking is the flagship financial connection of the 2 international locations. Furthermore, ACG additionally performs a key position within the safety of vitality provide of Central Europe. The manufacturing of the sphere offers us crude oil sourcing flexibility for our refineries each in Slovakia and Croatia so the entire area advantages from this partnership,” he continued.
“In mild of this, I’m very honored to signal a further memorandum of understanding with our valued accomplice, SOCAR. It clearly exhibits that this partnership has a terrific future and I’m trying ahead to additional exploration successes in Azerbaijan onshore along with the continued offshore ACG growth. We’re very a lot open to going past and leveraging this even additional”, Hernádi went on to say.
To contact the writer, electronic mail andreson.n.paul@gmail.com
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