Mol buys time with ACG deal
The Hungarian energy firm’s Azeri acquisition gives it breathing space as it implements its 2030 strategy
Mol’s $1.57bn acquisition of Chevron’s 9.57pc stake in the BP-operated Azeri-Chirag-Gunashli (ACG) field in the Azeri sector of the Caspian Sea, along with a stake in the Baku-Tbilisi-Ceyhan oil pipeline, is key to giving the firm cashflow to fund its wider transformation set out in its 2030 strategy, the firm’s upstream executive vice-president Berislav Gaso tells Petroleum Economist. “People might arguably ask all sorts of questions on why you are investing in a dying industry. Why would you take the long exposure that a 30-year concession bring?” says Gaso. But the acquisition “ticks all the boxes” for Mol. It offers “longevity, reserve replacement, long-term plateau production, a world
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
