SOCAR, MOL sign exploration memorandum for Shamakhi-Gobustan field

The State Oil Company of Azerbaijan (SOCAR) and Hungary's MOL Hungarian Oil and Gas have signed a memorandum of understanding focused on exploration, development, and production at the Shamakhi-Gobustan site.

The agreement was formalized during a meeting between SOCAR President Rovshan Najaf and MOL Chairman and CEO Zsolt Hernadi, emphasizing their collaboration to boost hydrocarbon production in Azerbaijan, Caliber.Az reports citing SOCAR.

Additionally, at a recent event at Gulustan Palace in Baku commemorating the 30th anniversary of the Azeri-Chirag-Gunashli (ACG) agreement, a Memorandum of Understanding was signed to facilitate the free production of natural gas from the field.

In another related development, bp and SOCAR announced a memorandum regarding agreements for two production blocks and one exploration block in the Azerbaijani sector of the Caspian Sea.

These agreements underscore Azerbaijan's commitment to enhancing its energy sector and strengthening international partnerships, marking a significant step in the development of Caspian Sea resources and reinforcing the country’s strategic role in the global energy market.