Azerbaijan's private GL Group acquires 25% stake in project to develop gas field in Turkey

BAKU. Oct 18 (Interfax) - Azerbaijan's GL Group, an energy exploration and production company, has acquired a 25% stake in Canada's Gazelle Energy Limited, the licensee and operator of a gas field in Turkey, GL Group said.

"GL Group is making its first international strategic move by entering the business to produce natural gas in Turkey. GL Group has acquired a 25% stake in Canada's Gazelle Energy Limited, which is the sole owner and operator of the Block F17-b4 license in the Thrace Basin in northwestern Turkey," GL Group said in a press release.

The company's data indicate that Block F17-b4 is 145 square kilometers, and it has proven gas reserves totaling 65 billion cubic feet. The project involves the evaluation and development of tight gas reserves and has significant growth potential.

"GL Group, together with Gazelle Energy, will participate in the operating committee for the exploitation of Block F17-b4, implementing advanced technologies of multiphase hydraulic fracking, multi-stage drilling and well completion to unlock the gas potential of the field," the company said.

GL Group will also have representation on the board of directors of Gazelle Energy.

As noted, the transaction establishes GL Group as an international energy player and is in line with its strategy to become a regional mid-tier energy company.

"The project will leverage GL Group's advanced technology and experience in tight gas production in North America and Russia," the company said.

"Our entry into the Turkish energy market marks the beginning of an important new chapter for GL Group. This first international acquisition is not only strategic, it establishes GL Group as a regional player in the industry, solidifying our position and driving our future growth in the region," GL Group CEO and Advisory Board Chairman Asif Zeynalov said.

The GL Group private group of companies operates in five onshore oil and gas fields in Azerbaijan, including Kursangi and Garabagly in the Salyan Region, as well as Buzovna-Mashtaga, Gala and Zira on the Absheron Peninsula.

The group includes Salyan Oil Limited and Taghiyev Operating Company, as well as GL Technical Services, which provides technical services in the oil and gas industry.