MOL intends to sign PSA with Azerbaijan for onshore Shamakhi-Gobustan block by end of 2025

BAKU. Nov 12 (Interfax) - Hungarian company MOL plans to sign a contract with Azerbaijan for developing the Shamakhi-Gobustan field block by the end of 2025, the company said in its report for Q3.

According to the company's materials, the signing of an exploration, development and production sharing agreement for the onshore Shamakhi-Gobustan area is expected in Q4 2025.

The company recalled that MOL Group and the State Oil Company of the Azerbaijani Republic (SOCAR) signed the key terms of the PSA for Shamakhi-Gobustan on June 3 this year, following a memorandum of understanding concluded by the parties on September 20, 2024.

MOL said in the summer of 2025 that the conclusion of a full-scale production sharing agreement would depend on further negotiations and regulatory approvals. The Hungarian company will become the project operator and will receive a 65% participating interest, while SOCAR will hold 35%.

Currently, in Azerbaijan, MOL holds a 9.57% stake in the Azeri-Chirag-Gunashli development project and an 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline project.

MOL Group currently carries out production operations in eight countries and holds exploration assets in nine countries.