SOCAR, Hungary's MOL sign MoU on Shamakhi-Gobustan field exploration

The State Oil Company of Azerbaijan (SOCAR) and MOL Group, a Hungarian oil and gas company, on Friday signed a Memorandum of Understanding on exploration, development, and production in the Shamakhi-Gobustan field.

Under the memorandum, the parties will cooperate to further increase hydrocarbon production in Azerbaijan, News.Az reports citing SOCAR’s press service.

The document was signed during a meeting between SOCAR President Rovshan Najaf and the Chairperson of the MOL Group Zsolt Hernadi.

On the same day, SOCAR and bp signed a memorandum of understanding (MOU) in Baku announcing bp’s intention to join agreements on two exploration and development blocks in the Azerbaijan sector of the Caspian Sea,

The first block is the Karabagh oil field which is located 120 km east of Baku, 20-25 km from the Gunashli field at a water depth of 150-200 metres. There is an existing risk service agreement (RSA) for the development of the field signed in 2018 and ratified by the Milli Majlis (Parliament) of Azerbaijan. SOCAR currently holds a 100% participating interest in the RSA.

The second block is the Ashrafi – Dan Ulduzu – Aypara (ADUA) area located 90-110 km northeast of Baku at water depths ranging from 80 to 180 metres, containing a number of existing discoveries and prospective structures. There is an existing agreement on the exploration, development and production sharing (PSA) in relation to the ADUA area entered into in 2018 and ratified by the Milli Majlis. Currently SOCAR holds a 100% participating interest in the PSA.

News.Az