MOL, SOCAR sign key terms for Shamakhi-Gobustan project

BAKU. June 3 (Interfax) - Hungary's MOL Group and the State Oil Company of the Azerbaijani Republic (SOCAR) have signed key terms for an exploration, development and production sharing agreement for an onshore area covering the Shamakhi-Gobustan regions of Azerbaijan, MOL said in press release.

"The agreement was signed during the Baku Energy Forum. MOL would be the operator and 65% shareholder in the project and SOCAR would hold 35%," the company said.

"The finalization of a fully termed exploration, development, and production sharing agreement will be subject to further negotiations and regulatory approvals," it said.