GL Group, the first privately owned group of energy companies in Azerbaijan, is making its first international strategic move, with its entry into the upstream natural gas business in Türkiye. This makes GL Group an international energy player, aligning with its strategy to become a regional mid-sized energy company.
GL Group has acquired a 25% equity stake in Gazelle Energy, a Canadian company, which holds 100% ownership and is the Operator of the Thrace Basin Block F17-b4 license in northwest Türkiye. This block, spanning 145 sq km, is a tight gas appraisal/development play with a discovery of 65 Bcf (2P) gas reserves and potential significant upside. GL Group will also participate on the Gazelle Energy Board of Directors.
This project will use advanced technology, where GL Group leadership’s experience in the tight gas fields across North America and Russia positions it as an ideal partner for Gazelle Energy. GL Group will participate in the Block F17-b4 Operating Commitee working alongside Gazelle Energy, deploying sophisticated multi-fracturing and multi-completion drilling and completion technologies, unlocking the license’s natural gas potential.
'Our entry into the Turkish energy market marks the beginning of a significant new chapter for GL Group,' said Asif Zeynalov, Group CEO and Chairman of the Advisory Board. '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.'
Source: GL Group
