On 4 November 2019, Hungarian Magyar Olaj- Ã©s GÃ¡zipari Nyrt. (MOL) announced it signed an agreement to acquire Chevron's 9.57% stake in the Azeri-Chirag-Guneshli field (ACG) and 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline. The transaction is valued at USD 1.57 billion (subject to adjustments at closing).  After closing of the deal, MOL will be the third largest stake holder in ACG and BTC, after BP and SOCAR. In 2018, approximately 212 MMbbl (580,000 b/d) of oil were produced at ACG, which represents about 80% of Azerbaijanâs oil production.  In December 2018, media reported Chevronâs and ExxonMobilâs intends to exit ACG.  Background Information  TheÂ ACGÂ fields are located 60 kms east of the Absheron peninsula, in the Caspian Sea, on the regional Absheron-Pribalkhan zone of uplifts. This zone represents a string of structures running from the Absheron Peninsula to the Cheleken Peninsula in Western Turkmenistan.Â Initial 2P Reserves are estimated at 6.8 Bbbl of oil.  On 31 October 2017, the Azeri Parliament ratified the new Azeri-Chirag-Guneshli (ACG) field PSA signed by partners on 14 September. SOCAR increased its take from 11.645% to 25%, while other participants decreased their stake. New ownership: BP-operator (30.37%), SOCAR (25%), Chevron (9.57%), INPEX (9.31%), Statoil (now Equinor) (7.27%), ExxonMobil (6.79%), TPAO (5.73%), ITOCHU (3.65%) and ONGC Videsh Limited (2.31%). In addition, Azerbaijan would receive 75% of production after cost recovery (currently 80%) and USD 3.6 billion in bonuses. Plans foresee investments in the amount of USD 40 billion during the next 32 years. The PSA is valid until 31 December 2049.  The previous ownership in the PSA was: BP - operator (35.795%), SOCAR (11.645%), Chevron (11.27%), INPEX (10.96%), Statoil (now Equinor) (8.56%), ExxonMobil (8%), TPAO (6.75%), ITOCHU (4.3%), ONGC Videsh Limited (OVL) (2.72%). The contract was signed on 20 September 1994 for duration of 30 years.  The BTC pipeline has a capacity of over 1Â MMb/d for a total length of 1,768Â km, crossing Azerbaijan (443 km), Georgia (249 km) and Turkey (1,076 km). BTC shareholders are BP (30.1%), SOCAR (25%), Chevron (8.9%), Statoil (now Equinor) (8.71%), TPAO (6.53%), ENI (5%), Total (5%), Itochu (3.4%), ExxonMobil (2.5%), Inpex (2.5%) and ONGC Videsh (2.36%).
Azerbaijan 	MOL (BP op 30.37%, Socar 25%, Inpex 9.31%, Equinor 7.27%, ExxonMobil 6.79%, TPAO 5.73%, Itochu 3.65% and OVL 2.31%) has agreed to acquire Chevron's 9,57% stake in the Azeri-Chirag-Guneshli (ACG) field, for US$ 1.57 billion (comprises an 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline). 