SOCAR and MOL Group have signed a Production Sharing Agreement (PSA) for exploration and production activities in Azerbaijan’s Shamakhi–Gobustan area.

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 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.