Azerbaijan's GL Group Acquires Stake In Turkish Natural Gas Project

Date

10/17/2024 8:10:33 AM

(MENAFN- AzerNews) Akbar Novruz Read more

GL Group, Azerbaijan's first privately-owned energy company, has made its first international foray by acquiring a 25% stake in a natural gas development project in Türkiye, Azernews reports.

This move aligns with the company's strategy to become a regional mid-sized energy player, marking its entry into the upstream Natural gas sector outside Azerbaijan.

The group has secured a 25% equity share in Gazelle Energy Limited, a Canadian company that fully owns and operates the Thrace Basin Block F17-b4 license in northwest Türkiye. The block, which covers 145 square kilometers, is a tight gas development project with a proven reserve of 65 billion cubic feet (2P) of gas. GL Group will also hold a seat on the Gazelle Energy Board of Directors, further solidifying its involvement in the project.

This acquisition highlights the use of advanced technologies, as GL Group's leadership brings experience from managing tight gas fields in North America and Russia. The company will collaborate closely with Gazelle Energy in the Block F17-b4 Operating Committee, using multi-fracturing and multi-completion drilling techniques to unlock the block's full potential.

“Our entry into the Turkish energy market marks the beginning of a significant new chapter for GL Group,” said Asif Zeynalov, CEO and Chairman of the Advisory Board of GL Group.“This first international acquisition is not just strategic-it establishes GL Group as a regional player in the industry, reinforcing our position and driving our future growth across the region.”

With this venture, GL Group aims to expand its influence in the energy market, leveraging its technical expertise and positioning itself as a key player in the regional gas sector.

GL Group currently operates several oil and gas fields across Azerbaijan, including "Kursangi" and "Garabaghli" in the Salyan region and "Buzovna-Mashtaga," "Gala," and "Zira" on the Absheron Peninsula. Its portfolio also includes subsidiaries like "Salyan Oil Limited" and "Taghiyev Operating Company," as well as "GL Technical Services" LLC, which provides specialized services to the oil and gas industry.

For more information about GL Group and its strategic initiatives, visit .

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