MOL Group inks onshore exploration deal with Azerbaijan’s SOCAR

BAKU, December 17, 2025 – MOL Group has signed a new onshore exploration, development and production sharing deal with Azerbaijan’s SOCAR for the Shamakhi-Gobustan region, the Hungarian company said on Wednesday.

The deal gives MOL Group a 65% operating stake, while SOCAR holds 35%. A seismic survey is planned for early 2026, followed by drilling. The agreement follows the alignment of key terms reached in June 2025 and builds on previous cooperation between the two parties, including their joint involvement in the offshore Azeri-Chirag-Deepwater Gunashli (ACG) project.

“The final agreement of our latest cooperation with SOCAR marks another major step in our shared commitment to unlocking new potential and expanding our excellent collaboration in Azerbaijan’s upstream sector,” MOL Group chairman and CEO Zsolt Hernádi said.

MOL Group entered Azerbaijan in 2020 by acquiring a 9.57% stake in the Azeri-Chirag-Gunashli oilfield and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan pipeline. ACG accounts for 14% of MOL’s production and 25% of reserves as of 2024. Around 18 million barrels of MOL’s crude oil have been transported from ACG via the BTC pipeline to its European refineries.

MOL Group is a Hungary-based integrated oil and gas company with operations in over 30 countries. Its core business areas include upstream exploration and production, refining and petrochemicals, as well as fuel retail across Central and Eastern Europe. In Azerbaijan, the company has expanded its footprint through strategic partnerships in major oil infrastructure projects.

Read our latest insights on: