The Hungarian oil and gas group MOL Group has signed agreements with its joint venture partners, namely the UK’s BP and Azerbaijan's state-owned oil and gas company SOCAR, for the development of the Azeri-Chirag-Deepwater Gunashli (ACG) gas field in Azerbaijan, which has estimated non-associated gas resources of 112 bcm.
The commercial agreements amend the existing ACG production sharing agreement (PSA) framework, enabling the parties to progress the exploration, appraisal, development and production from the gas reservoirs of the ACG field. After SOCAR and BP (operator of the JV), MOL is the third largest shareholder in the giant ACG field, where non-associated gas reservoirs were identified beneath and above the oil producing reservoirs. First gas is expected in 2025.
As of end-2023, Azerbaijan’s gas reserves stood at 1,917 bcm. The country produced over 37 bcm of natural gas in 2023.