GL Group makes Azerbaijan's first acquisition of US oil and natural gas assets

BAKU, July 24 (Reuters) - Azerbaijani privately owned energy company GL Group has acquired oil and gas assets in four producing fields in Texas and is now the full operator, the company said on Friday, in the first such deal for the former Soviet country.

The assets, located near Midland in the Permian Basin, include more than 200 producing wells.

GL Group, headed by businessman Asif Zeynalov, did not disclose the value of the deal, the assets' reserves or current production.

The company said the transaction made it the first Azerbaijani company to own and operate producing upstream oil and gas assets in the United States.

The acquisition is part of GL Group's strategy to expand its upstream business outside Azerbaijan.

The group made its first international investment in 2024 by acquiring a 25% stake in Canada's Gazelle Energy Limited, which holds a gas licence in Turkey's Thrace Basin.

GL Group operates five oil and gas fields in Azerbaijan through Salyan Oil Limited and Taghiyev Operating Company.

Separately, GL Group said it had signed a five-year services agreement with U.S. oilfield services company Baker Hughes BKR.O.

The agreement covers operational support, technical expertise and access to oil and gas technologies, both companies said.