Hungary's MOL cuts daily oil output in Azerbaijan 14.7% in first quarter

BAKU. May 15 (Interfax) - Hungary's MOL cut the daily level of production in Azerbaijan 14.7% year-on-year to 12,800 barrels of oil equivalent (boe) in the first quarter of 2024, the company said in materials.

MOL said that the daily level of output was 15,000 boe at Azerbaijan's asset [the Azeri-Chirag-Gunashli field block] in January-March 2023.

MOL trimmed overall production 3.8% year-on-year to 92,300 boe in the first quarter of 2024, while the figure rose 0.9% quarter-on-quarter.

MOL currently has a 9.57% stake in the project to develop the Azeri-Chirag-Gunashli block and an 8.9% stake in the Baku-Tbilisi-Ceyhan oil pipeline project.