SEATTLE (OilMonster) – MOL Group and its joint venture partners have commenced commercial natural gas production at the Azeri-Chirag-Gunashli (ACG) field in Azerbaijan, marking the first-ever gas output from the oil-producing field.
The production milestone follows the successful drilling and testing of the first production well from the West Chirag platform, unlocking a new revenue stream from the existing oil field infrastructure.
Industry estimates put the ACG field's gas resources at 4 trillion cubic feet (approximately 112 billion cubic meters), with upper estimates reaching as high as 6 trillion cubic feet. Gas and condensate from the new well will be transported via existing ACG infrastructure to the Sangachal terminal for processing and distribution.
The commencement of gas production aligns with MOL's long-term strategy of maintaining daily production above 90,000 barrels of oil equivalent. The company has recently expanded its footprint through partnerships with national energy companies in Kazakhstan, Azerbaijan, Turkiye, and Libya.
MOL is currently the third-largest stakeholder in the ACG field, behind the State Oil Company of Azerbaijan (SOCAR) and BP.
MOL Group and its joint venture partners commenced gas production at the Azeri-Chirag-Gunashli (ACG) field in Azerbaijan, the first-ever commercial gas output from the oil-producing field.
Industry estimates put the ACG field's gas resources at 4 trillion cubic feet (about 112 billion cubic meters), with upper estimates reaching as high as 6 trillion cubic feet.
Gas and condensate from the new well are transported via existing ACG infrastructure to the Sangachal terminal, where they are processed and distributed.
MOL's long-term strategy targets maintaining daily production above 90,000 barrels of oil equivalent.
MOL is the third-largest stakeholder in the ACG field, behind the State Oil Company of Azerbaijan (SOCAR) and BP.
