SOCAR, Hungary’s MOL Group ink agreement on key terms for an onshore exploration in Azerbaijan

The State Oil Company of the Republic of Azerbaijan (SOCAR) and the Hungary's MOL Group signed Tuesday an agreement on key terms for an exploration, development, and production sharing agreement for a new onshore area covering the Shamakhi-Gobustan regions of Azerbaijan.

The document follows the memorandum of understanding signed between the companies on September 20 last year.

According to the agreement, MOL will be the operator and 65% shareholder in the project and SOCAR will hold 35%.