Hungarian MOL's daily oil production in Azerbaijan drops by 12%

The Hungarian oil and gas company MOL has reported a significant decline in its daily oil production in Azerbaijan during the first six months of 2024. According to Report, which cites the company's data, the average daily output in Azerbaijan stood at 12,600 barrels of oil equivalent (boe), marking a 12% decrease compared to the same period last year.

MOL's total daily oil production across its global projects, including operations in Hungary, Croatia, Iraqi Kurdistan, Pakistan, and Azerbaijan, averaged 38,500 boe, a slight 1% decline. Azerbaijan accounted for 32.7% of the company's total oil production during this period.

The second quarter of 2024 saw MOL's daily oil production in Azerbaijan drop to 12,300 boe, an 8.9% decrease compared to Q2 2023. However, the company's overall global production rose by 9% to 39,000 boe in Q2 2024, with Azerbaijan contributing 31.5% to this total.

MOL currently holds a 9.57% stake in Azerbaijan's Azeri-Chirag-Guneshli (ACG) oil field development project and an 8.9% share in the Baku-Tbilisi-Ceyhan (BTC) pipeline.