SOCAR, MOL Group Sign PSA For Exploration And Production In Shamakhigobustan Area

2025-12-17 05:07:08

(MENAFN- Trend News Agency) BAKU, Azerbaijan, December 17. Azerbaijan's state oil companySOCAR and Hungary's MOL Group have signed a Production Sharing Agreement (PSA) for exploration and production in Azerbaijan's Shamakhi–Gobustan area, Trend reports via the SOCAR.

The agreement was signed by Rovshan Najaf, President of SOCAR, and Zsolt Hernádi, Chairman and Chief Executive Officer of MOL Group.

Under the project, MOL Group, as the operator, holds a 65% stake, while SOCAR holds 35%.

Within the framework of the project, seismic surveys are planned to begin in early 2026, followed by the drilling at a later stage.

"Notably, this fully agreed 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 3 June 2025. The new agreement builds upon the companies' previous successful cooperation," said SOCAR.

MOL Group entered the Azerbaijani market in 2020 by acquiring a 9.57% stake in the Azeri–Chirag–Gunashli (ACG) field and an 8.9% effective stake in the Baku–Tbilisi–Ceyhan (BTC) oil pipeline transporting crude oil to the Ceyhan terminal.

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