Hungarian oil and gas company MOL on Wednesday said it signed a production sharing agreement with Azerbaijan's state oil company SOCAR.
The agreement, preceded by a heads of terms deal in June, is for exploration and production in Azerbaijan's Shamakhi-Gobustan area. MOL holds a 65% stake in the project and will act as operator. SOCAR holds a 35% stake.
MOL entered Azerbaijan in 2020 with the acquisition of a 9.57% stake in the Azeri-Chirag-Gunashli field and an 8.9% stake in the Baku-Tbilisi-Ceyhan oil pipeline transporting crude oil to the Ceyhan terminal.
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