MOL Group and SOCAR have finalized a significant exploration and production sharing agreement for the Shamakhi-Gobustan region in Azerbaijan, enhancing their strategic partnership in the energy sector.

Target Information

MOL Group has signed an exploration and production sharing agreement with the State Oil Company of Azerbaijan Republic (SOCAR) for an onshore area in the Shamakhi-Gobustan region of Azerbaijan. In this joint exploration project, MOL Group serves as the operator with a 65% stake, while SOCAR holds a 35% stake. This agreement follows the successful alignment on key terms for hydrocarbon exploration reached in June 2025, signifying a pivotal development in MOL's strategic partnership with SOCAR.

The agreement was officially signed by MOL Group's Chairman and CEO, Zsolt Hernádi, and SOCAR's President, Rovshan Najaf. Hernádi expressed optimism regarding this collaboration, emphasizing the potential for expanding energy supply security in the region while enhancing MOL's portfolio in international upstream operations.

Industry Overview in Azerbaijan

The oil and gas industry in Azerbaijan is a vital component of the national economy, accounting for a substantial portion of the country’s exports and state revenues. Azerbaijan is situated near key energy markets, making it an imp