(World Oil)– MOL Group and SOCAR have signed a comprehensive onshore exploration, development and production sharing agreement covering the Shamakhi-Gobustan region of Azerbaijan, strengthening their long-standing upstream partnership in the Caspian region.
Under the agreement, MOL Group will serve as operator with a 65% working interest, while SOCAR will hold the remaining 35%. The fully termed deal follows a preliminary alignment reached by the companies in June 2025 and formalizes plans for joint hydrocarbon exploration in the onshore basin.
The agreement was signed in Baku by MOL Group Chairman and CEO Zsolt Hernádi and SOCAR President Rovshan Najaf. The project expands MOL Group’s international upstream portfolio and reinforces its strategic presence in Azerbaijan, where the company already holds interests in major offshore and export infrastructure assets.
As part of the next phase of the project, the partners plan to begin seismic acquisition in early 2026, with exploration drilling to follow at a later stage, subject to results and regulatory approvals. The Shamakhi-Gobustan area is considered underexplored and offers potential for new onshore discoveries using modern seismic and drilling techniques.
MOL Group entered Azerbaijan in 2020 through the acquisition of a minority stake in the Azeri-Chirag-Gunashli (ACG) field and an effective interest in the Baku-Tbilisi-Ceyhan (BTC) pipeline. The ACG asset represents a significant portion of MOL’s current production and reserves, while the BTC pipeline plays a key role in supplying crude to the company’s refining system in Central and Eastern Europe.
The new onshore agreement builds on this existing footprint and reflects MOL Group’s strategy of leveraging technical expertise in reservoir management and production optimization to support long-term energy security and portfolio diversification. For SOCAR, the partnership supports continued development of Azerbaijan’s hydrocarbon resources through collaboration with experienced international operators.
