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Click on the top to follow us (WO) – MOL Group and its JV partners signed commercial agreements for the development of gas reserves in Azerbaijan. After the State Oil Company of the Republic of Azerbaijan (SOCAR) and BP, operator of the JV, MOL is the third largest shareholder in the giant Azeri-Chirag-Deepwater Gunashli (ACG) field, where non-associated gas (NAG) reservoirs were identified beneath and above the oil producing reservoirs. The partners have now agreed on the development and commercial exploitation of these reserves. MOL has also signed a Memorandum of Understanding with SOCAR to evaluate further oil and gas exploration cooperation opportunities in Azerbaijan. 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. ACG non-associated gas resources are believed to be significant, with up to 4 Tcf (ca. 1
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