SOCAR, MOL discuss 3D seismic plans at Shamakhi-Gobustan onshore block

BAKU. July 17 (Interfax) - Hungary's MOL Group plans a 3D seismic survey of the Shamakhi-Gobustan onshore oil and gas block in Azerbaijan, the State Oil Company of the Azerbaijani Republic's (SOCAR) Geophysics and Geology Department said in a statement.

The Department said it hosted "a productive and constructive meeting with representatives of MOL Group." "The main topic was planned 3D seismic surveying at the Shamakhi-Gobustan oil and gas block," it said.

A broad exchange of opinions took place "on the technical aspects, goals and expectations of this project." However it did not say when seismic might begin or give any other details about the discussions.

MOL Group and SOCAR signed heads of an agreement on exploration, development and production sharing for an onshore area covering the Shamakhi-Gobustan regions of Azerbaijan on June 3. MOL will be the operator and 65% shareholder in the project and SOCAR will hold 35%. The finalization of a fully-termed exploration, development, and production sharing agreement is subject to further negotiations and regulatory approvals.

This new agreement builds on the momentum of the memorandum signed on September 20, 2024 and marks further progress in MOL's strategic partnership with SOCAR.

MOL's hydrocarbon production in Azerbaijan fell 8.6% to 12,700 boepd in 2024 and accounted for 13.5% of the company's output.

Capex in Azerbaijan fell 13.5% to $123.8 million and 54.1% of the company's total capex last year.

MOL holds a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) project and an 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline project in Azerbaijan.

MOL currently operates in eight countries and has exploration assets in nine countries.