MOL Group signed key terms for an exploration, development, and production sharing agreement with State Oil Co. of the Republic of Azerbaijan (SOCAR) for a new onshore area in Azerbaijan.
These terms follow the signing of a Memorandum of Understanding last September to evaluate hydrocarbon exploration in the Shamakhi-Gobustan regions.
Finalization of a fully termed exploration, development, and production sharing agreement will be subject to further negotiations and regulatory approvals.
MOL Group will be operator (65%) with SOCAR holding the remaining 35%.
