MEOG: GL buys stake in Turkish gas field

Azerbaijan’s GL Group has acquired a 25% stake in a Canadian company operating Thrace Basin Block F17-b4 in north-western Turkey, Gazelle Energy Ltd.

While the Azeri firm operates a number of oil and gas fields in Azerbaijan, along with a number of service companies, this is the first time GL Group has moved into the international arena.

GL Group now holds a 25% equity stake in Gazelle Energy Ltd of Canada and will hold a seat on Gazelle’s board of directors.

“GL Group, together with Gazelle Energy, will participate in the operating committee for the exploitation of Block F17-b4, implementing advanced technologies of multi-phase hydraulic fracking, multi-stage drilling and well completion to unlock the gas potential of the field,” the company said in a statement on 18 October.

Block F17-b4 comprises 145 square km with proven gas reserves amounting to 65bn cubic feet (1.84bn cubic metres). The project involves the evaluation and development of tight gas reserves and has significant growth potential,” GL Group CEO and advisory board chairman Asif Zeynalov said in the statement.