GL Group, Azerbaijan's first privately-owned group of oil and gas companies, today in Houston, Texas, U.S.A. announced that it has completed the acquisition of upstream oil and gas assets in four producing oil and gas fields near Midland, Texas, U.S.A. comprising more than 200 active producing wells, and has formally assumed 100% operatorship of the assets. The transaction makes GL Group the first Azerbaijani group to own and operate producing upstream oil and gas assets in the United States, marking a historic milestone for Azerbaijan's private oil and gas sector and expanding its presence into the heart of the U.S. energy industry.

Located within the Permian Basin, the acquired assets place GL Group in the largest oil producing region in the United States and one of the world’s principal centers of onshore oil and gas activity. Spanning West Texas and southeastern New Mexico, the Permian Basin covers approximately 223,000 square kilometers. In 2025, the basin produced approximately 6.6 million barrels of crude oil per day, representing nearly half of total U.S. production and more than 8% of global crude oil output. The basin also produced approximately 27.6 billion cubic feet of marketed natural gas per day in 2025, equal to about 23% of U.S. marketed gas production and nearly 7% of global natural gas production.

For GL Group, becoming both the owner and operator of producing assets in a basin of this scale, technical sophistication and competitive intensity represents a significant milestone. The acquisition advances GL Group’s international growth strategy following its entry into Türkiye’s upstream market in 2024. The Texas acquisition establishes a solid foundation for GL Group’s further growth in the United States and other international oil and gas markets.

For GL Group, becoming both the owner and operator of producing assets in a basin of this scale, technical sophistication and competitive intensity represents a significant milestone. The acquisition advances GL Group’s international growth strategy following its entry into Türkiye’s upstream market in 2024. The Texas acquisition establishes a solid foundation for GL Group’s further growth in the United States and other international oil and gas markets.

This acquisition reflects more than a year of rigorous evaluation, careful partnership building, and a deliberate country entry strategy delivered through the leadership, professionalism, discipline and commitment of the team. It stands as a clear milestone in GL Group's strategic, operational, and investment objectives.

“This is a proud moment for everyone at GL Group. This acquisition is a strategic milestone that establishes our presence in the world's largest and most competitive upstream oil and gas market. It reflects our long-term vision of building a diversified international upstream business and creates a strong platform for sustained growth in the United States,” said Asif Zeynalov, CEO and Chairman of the Advisory Board of GL Group. “This is our first, but very important step into the US market. We will continue to grow and expand our presence.”

About GL Group

GL Group operates five oil and gas fields across Azerbaijan, including "Kursangi" and "Garabaghli" in the Salyan region and "Buzovna-Mashtagha," "Gala," and "Zira" on the Absheron Peninsula. The group of companies’ portfolio includes operating companies such as "Salyan Oil Limited," "Taghiyev Operating Company," and "GL Technical Services" LLC, which provides technical services in the oil and gas industry. In its first international move, GL Group in 2024 acquired a 25% stake in Canadian Gazelle Energy Limited’s highly prospective gas license in Türkiye's Thrace Basin. For more information about GL Group and its strategic initiatives, please visit www.gl.world.