MOL signs deal to purchase 9.57 pc stake in Azeri oil field

Hungarian oil and gas company MOL on Monday said it has signed an agreement with Chevron Global Ventures and Chevron BTC Pipeline to acquire their non-operated Exploration and Production and mid-stream interests in Azerbaijan. The agreement covers a 9.57 percent stake in the Azeri-Chirag-Gunashli (ACG) oil field, and a 8.9 percent stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline transporting crude to the Mediterranean port of Ceyhan. Once completed, the transaction will make MOL the third largest field partner in ACG. The supergiant ACG field is located in the Caspian Sea and is one of the largest offshore oil fields in the world. It started production in 1997.