MOL Group and SOCAR have signed a comprehensive exploration, development and production sharing agreement for an onshore area in the Shamakhi-Gobustan region of Azerbaijan. MOL Group as operator has 65% stake and SOCAR has 35% in the joint exploration project.

Capitalizing on the alignment reached in June 2025 on key terms for the joint hydrocarbon exploration in the Shamakhi-Gobustan region in Azerbaijan, this fully termed agreement marks a significant milestone in MOL’s strategic partnership with SOCAR, which is built on previous successful cooperation.

The agreement was signed by MOL Group Chairman and CEO Zsolt Hernádi and SOCAR President Rovshan Najaf.

“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.

The Shamakhi-Gobustan joint exploration project adds a great opportunity to our international upstream portfolio, and as the operator, we are proud to build on MOL Group’s extensive experience in exploration and production. Strong foundations have already been laid through the offshore ACG project in Azerbaijan, which is an important pillar of our international operations, playing a vital role in Central Europe’s energy security and providing us flexibility in crude oil sourcing and refining.

I am very much looking forward to the next chapter of our cooperation in Azerbaijan with our esteemed partner SOCAR, which will further strengthen our region’s energy supply security.” – said Zsolt Hernádi, Chairman and CEO of the MOL Group.

The agreement reaffirms MOL Group’s long-term strategic presence in the Caspian region and partnership with SOCAR in the development of Azerbaijan’s hydrocarbon resources. As part of the next steps in the exploration project, a seismic survey is scheduled to begin in early 2026, followed by the exploration drilling at a later stage.

MOL Group entered Azerbaijan in 2020 by acquiring a 9.57% stake in the Azeri-Chirag-Gunashli (“ACG”), one of the world’s largest oil fields, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (“BTC”) pipeline that transports the crude to the Mediterranean port of Ceyhan. ACG represents 14% of MOL's total production and 25% of total reserves as of 2024. Despite being a minority shareholder, MOL actively contributes to the development of ACG with its 8 decades-long reservoir management and production optimization knowledge.

The BTC pipeline plays an important role in MOL's supply of oil to MOL Group's refineries in Central and Eastern Europe. So far, almost 18 million barrels of MOL’s crude oil was transported from the ACG field through the BTC pipeline and cargo ships to MOL Group’s refineries, including Slovnaft’s Bratislava and INA’s Rijeka Refinery.

About MOL Group

MOL Group is an international, integrated oil, gas, petrochemicals and consumer retail company, headquartered in Budapest, Hungary. It is active in over 30 countries with a dynamic international workforce of 25,000 people and a track record of more than 100 years. MOL Group operates three refineries and two petrochemical plants under integrated supply chain-management in Hungary, Slovakia and Croatia, and owns a network of almost 2400 service stations across 10 countries in Central & South-Eastern Europe. MOL’s exploration and production activities are supported by more than 85 years’ experience in the field of hydrocarbons and 30 years in the injection of CO2. At the moment, there are production activities in 8 countries and exploration assets in 9 countries. MOL is committed to transform its traditional fossil-fuel-based operations into a low-carbon, sustainable business model and aspires to become net carbon neutral by 2050 while shaping the low-carbon circular economy in Central and Eastern Europe.

About SOCAR

SOCAR is one of the leading international energy companies. In order to ensure the economic interests of the Azerbaijani people, SOCAR is a major operator and participant in a number of transnational projects across the country and abroad. The company is active in all the oil and gas industry value chains. Exploration of oil and gas fields, production, processing and transportation of oil, gas and gas condensate constitute the main part of the operations of SOCAR. SOCAR also exports natural gas, oil and petrochemical products to the country's market, as well as international markets. The company's goal is to become a vertical integrated international energy company with advanced experience in the field of effective operation, social and environmental responsibility. As an important EU energy supplier, SOCAR plays a special role in the sustainable economic development of Europe.