MOL Group and SOCAR Sign Onshore Exploration Agreement
- MOL holds a 65% stake and SOCAR 35% in the Shamakhi-Gobustan exploration project.
- Seismic survey to start in early 2026, followed by exploration drilling.
- MOL entered Azerbaijan in 2020 with stakes in ACG oil field and BTC pipeline.
- ACG accounts for 14% of MOL's production and 25% of reserves as of 2024.
Agreement Details
MOL Group and SOCAR have signed an exploration, development, and production sharing agreement for an onshore area in Azerbaijan's Shamakhi-Gobustan region. MOL Group holds a 65% stake and acts as the operator, while SOCAR holds 35%.
Project Timeline
The agreement follows the alignment on key terms reached in June 2025. A seismic survey is scheduled to begin in early 2026, with exploration drilling to follow.
MOL's Presence in Azerbaijan
MOL entered Azerbaijan in 2020 by acquiring a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field and an 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline. ACG represents 14% of MOL's total production and 25% of its reserves as of 2024.
Strategic Importance
The BTC pipeline is crucial for transporting crude oil to MOL Group's refineries in Central and Eastern Europe. Nearly 18 million barrels of MOL's crude oil have been transported from the ACG field through the BTC pipeline to refineries, including Slovnaft’s Bratislava and INA’s Rijeka Refinery.
Source: MOL Group