MOL Group and SOCAR agreed on key terms for an onshore exploration opportunity in Azerbaijan

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.  

Following the signing of a Memorandum of Understanding with the State Oil Company of the Republic of Azerbaijan (SOCAR) last September to evaluate further potential cooperation opportunities in the area of hydrocarbon exploration in the Shamakhi-Gobustan region in Azerbaijan, the new agreement marks further progress in MOL’s strategic partnership with SOCAR. The agreement was signed by MOL Group Chairman and CEO Zsolt Hernádi and SOCAR President Rovshan Najaf during the Baku Energy Forum.

„I’m proud to sign this new agreement with SOCAR, reinforcing our commitment to deeper cooperation and future exploration in Azerbaijan....