MOL Group Buys Azerbaijan E&P Assets From Chevron for $1.57 Billion
04 Novembro 2019 - 9:09AM
Dow Jones News
By Ian Walker
MOL Group said Monday that it is buying non-operated
exploration-and-production and mid-stream interests in Azerbaijan
from Chevron Corp. (CVX) for $1.57 billion.
The Hungarian oil-and-gas company said the deal includes a 9.57%
stake in the Azeri-Chirag-Gunashli oil field, and an effective 8.9%
stake in the Baku-Tbilisi-Ceyhan pipeline that transports the crude
to the Mediterranean port of Ceyhan, Turkey. It is buying the
assets from Chevron Global Ventures Ltd. and Chevron BTC Pipeline,
Ltd.
The Azeri-Chirag-Gunashli is operated by BP PLC (BP.LN) with a
30.4% interest, and produced on average 584,000 barrels a day in
2018. It is expected to add around 20,000 barrels of oil a day to
MOL's production in the coming years and increase reserves, the
company said.
"With these new barrels we are also strengthening our resilient,
integrated business model, which will continue to generate robust
cash flow to finance the MOL 2030 transformational projects as well
as rising dividends to our shareholders," Chairman Zsolt Hernadi
said.
The deal, which is conditional upon government and regulatory
approvals, is expected to close by the second quarter of 2020.
Write to Ian Walker at ian.walker@wsj.com; @IanWalk40289749
(END) Dow Jones Newswires
November 04, 2019 06:54 ET (11:54 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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