SOCAR, MOL Group agree on joint oil & gas exploration in Shamakhi–Gobustan area PHOTO

The State Oil Company of Azerbaijan (SOCAR) and Hungary’s MOL Group have signed a Production Sharing Agreement (PSA) for exploration and production in Azerbaijan’s Shamakhi–Gobustan area.

The document was signed by SOCAR President Rovshan Najaf and Chairman of the Board and Chief Executive Officer of MOL Group Zsolt Hernádi, Caliber.Az cites SOCAR's press release.

Under the agreement, MOL Group will act as the project operator with a 65% stake, while SOCAR will hold the remaining 35%. As part of the project, seismic surveys are scheduled to begin in early 2026, followed by drilling operations at a later stage.

Notably, the document marks an important stage in the strategic partnership between MOL Group and SOCAR, following the signing of the Heads of Terms Agreement during Baku Energy Week on June 3, 2025. The new agreement builds upon the companies’ previous successful cooperation.

MOL Group entered the Azerbaijani market in 2020 after acquiring a 9.57% stake in the Azeri–Chirag–Gunashli field and an 8.9% effective interest in the Baku–Tbilisi–Ceyhan oil pipeline.

By Khagan Isayev