On 3 June 2025, during Baku Energy Week, SOCAR and Hungary’s MOL Group signed a Heads of Terms Agreement.
Following the Memorandum of Understanding signed on September 20 of the previous year, both companies worked to finalize the main technical and commercial terms of an exploration, development, and production project in the Shamakhi-Gobustan area and successfully reached an agreement.
Under the Heads of Terms Agreement, which defines the scope of work for the initial and main exploration phases, MOL Group will act as the operator with a 65% stake in the project, while SOCAR will hold the remaining 35%.