Hydrocarbon exploration and production at the Shemakhi-Gobustan onshore block in Azerbaijan will be jointly conducted by Azerbaijan's SOCAR and Hungary's MOL Group. The first seismic surveys are scheduled for early 2026.
Azerbaijan's SOCAR and Hungary's MOL Group are joining forces to develop the Shemakhi-Gobustan oil and gas field. A production sharing agreement (PSA) for oil and gas exploration and production was signed by the companies' management.
The project will be managed by Hungary's MOL Group, which holds a 65% stake. SOCAR will partner with the remaining 35%. Work will begin with seismic surveys in early 2026, followed by drilling of exploratory wells.
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