Baku: SOCAR and MOL Group have successfully signed a Production Sharing Agreement (PSA) for exploration and production activities in Azerbaijan’s Shamakhi-Gobustan area. The announcement was made by SOCAR to APA-Economics.

According to Azeri-Press News Agency, the agreement was formalized by Rovshan Najaf, President of SOCAR, and Zsolt Hern¡di, Chairman and Chief Executive Officer of MOL Group. The PSA stipulates that MOL Group will operate the project with a 65% stake, while SOCAR will hold a 35% share.

The project framework includes the initiation of seismic surveys, which are planned to commence in early 2026, followed by subsequent drilling operations. This agreement represents a significant advancement in the strategic alliance between MOL Group and SOCAR, building on the Heads of Terms Agreement signed during Baku Energy Week on 3 June 2025.

MOL Group’s involvement in the Azerbaijani market began in 2020, with the acquisition of a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) field and an 8.9% effective stake in the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, which plays a crucial role in transporting crude oil to the Ceyhan terminal.