In November 2021, GL Group, through its subsidiary GL Investment LLC, acquired a 50% stake in the "Rehabilitation, Exploration, Development, and Production Sharing Agreement for the Block including the "Kursangi" and "Garabaghli" Oil Fields in the Republic of Azerbaijan," signed in 1998, and in Salyan Oil Limited, the operating company established on October 25, 1999, to manage the development of these oil fields.
The "Kursangi" and "Garabaghli" oil fields are among the largest onshore oil fields in Azerbaijan. Located in the Kura Basin, 125 km southwest of Baku, these fields have been in operation since the early 1960s. The area covered by the agreement for the "Kursangi" and "Garabaghli" fields is 450 km².
After GL Group began operating these fields, positive trends were observed at Salyan Oil Limited, achieved without significant investments but rather through the application of advanced technologies and a professional management approach. Notably, in 2022, the 19-year-long decline in baseline production was halted, and production increased in 2023.
By late 2024, GL Group made the decision to end a 14-year pause in drilling at the Kursangi and Garabagli fields by initiating three new complex deep wells, including, for the first time in Azerbaijan's history, an onshore horizontal well drilled to a depth of 4,400 meters.
