Once completed, this transaction will make MOL the third largest field partner in ACG.
The total consideration payable by MOL Group for the transaction is USD 1.57bn (subject to adjustments at closing) which will be financed from available liquidity of the company.
“This major USD 1.57bn transaction is a significant milestone in building our international E&P portfolio, in one of our core regions, the CIS, where we will team up with world-class partners. Following the closing of the deal, around half of our production will come from outside the CEE region, giving us a healthy balance. 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,” commented Zsolt Hernádi, MOL Group’s Chairman-CEO.
The transaction remains subject to government and regulatory approvals and is expected to close by Q2, 2020.
The contract for developing the ACG field was signed in 1994. A ceremony to sign a new contract on development of the ACG block of oil and gas fields was held in Baku Sept. 14, 2017.
The ACG participating interests are as follows: BP - 30.37 percent; AzACG (SOCAR) - 25 percent; Chevron - 9.57 percent; INPEX - 9.31 percent; Statoil - 7.27 percent; ExxonMobil - 6.79 percent; TP - 5.73 percent; ITOCHU - 3.65 percent; ONGC Videsh Limited (OVL) - 2.31 percent.
The BTC Co. shareholders are: BP (30.1 percent); AzBTC (25.00 percent); Chevron (8.90 percent); Equinor (8.71 percent); TPAO (6.53 percent); Eni (5.00 percent); Total (5.00 percent), ITOCHU (3.40 percent); INPEX (2.50 percent), ExxonMobil (2.50 percent) and ONGC (BTC) Limited (2.36 percent).
More about:
