Hungary's MOL Group and SOCAR have signed key terms for an exploration, development, and production sharing agreement for a new onshore area covering the Shamakhi-Gobustan regions of Azerbaijan.
The agreement was signed during the Baku Energy Week.
"The Shamakhi-Gobustan joint exploration project will not just be a great addition to our international production portfolio but it will be an important puzzle to securing Central-Europe’s energy supply. We will have the flexibility to decide to sell or to ship the oil produced to MOL Group’s core region to contribute to the security of energy supply” – said Zsolt Hernádi, Chairman and CEO of the MOL Group in the company's statement.
He added that the new agreement builds on the momentum of the earlier cooperation and reflects the parties’ shared commitment to expand their collaboration in Azerbaijan’s upstream sector.
MOL will be the operator and hold a 65% stake in the project, while SOCAR will own the remaining 35%, the company said.
The finalization of a fully termed exploration, development, and production sharing agreement remains subject to further negotiations and regulatory approvals.
MOL Group entered the Azerbaijani market in 2020 by acquiring a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) field—one of the world’s largest oil fields—as well as an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline, which transports crude oil to the Mediterranean port of Ceyhan. As of 2024, these assets represent 14% of MOL’s total production and 25% of its total reserves.
The BTC pipeline plays a key role in supplying oil to MOL Group’s refineries in Central and Eastern Europe. To date, 15 million barrels of crude oil have been transported from the ACG field through the BTC pipeline and shipped to MOL Group’s refineries, including Slovnaft in Bratislava and INA’s Rijeka Refinery.
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