Hungarian energy giant MOL reports higher production from Azerbaijan assets

Hungarian energy company MOL increased its hydrocarbon production in Azerbaijan in 2025, reaching an average daily output of 13,400 barrels of oil equivalent (boe/d), up 5.5% compared with the previous year.

The data were disclosed in the company’s annual report, according to Azerbaijani media.

MOL said its total average daily hydrocarbon production worldwide, including natural gas, amounted to 94,700 boe/d in 2025, reflecting a 0.9% year-on-year increase. Azerbaijan accounted for 14.1% of the company’s overall production during the year.

In the fourth quarter of 2025, MOL’s average daily production in Azerbaijan rose to 15,200 boe/d, representing a 16% increase. Over the same period, the company’s total average daily output reached 99,400 boe/d, up 4.9%, with Azerbaijan contributing 15.3% of total production in the reporting year.

Looking ahead, MOL expects its overall production in 2026 to range between 95,000 and 97,000 barrels of oil equivalent per day.

“The 2026 forecast is set at 95,000–97,000 boe per day, assuming continued high efficiency in offsetting natural production decline in Central and Eastern Europe, gradual organic expansion mainly at fields in Iraq and Kazakhstan, and stabilisation of output across other assets in the international portfolio,” the company said.

In Azerbaijan, MOL currently holds a 9.57% stake in the Azeri–Chirag–Gunashli oil field development project and a 8.9% share in the Baku–Tbilisi–Ceyhan oil pipeline. Additionally, on December 17, 2025, SOCAR and MOL Group signed a production sharing agreement covering exploration and production at the onshore Shamakhi–Gobustan block. Under the agreement, MOL serves as operator with a 65% interest, while SOCAR owns the remaining 35%.

MOL carries out production operations in eight countries worldwide and maintains active involvement in the oil and gas sector across nine countries.

By Tamilla Hasanova