BAKU, Azerbaijan, June 3. A Basic Terms Agreement has been signed between SOCAR and the Hungarian MOL Group within the framework of the Baku Energy Week, a source in SOCAR told Trend.
Under the Memorandum of Understanding signed between the companies on September 20 last year, work was carried out to agree on the main technical and commercial terms of the exploration, development, and production project in the Shamakhi-Gobustan field, and relevant agreements were reached.
According to the Basic Terms Agreement, which determines the work to be carried out by the companies during the initial and main exploration periods, it is envisaged that MOL Group will have a 65 percent share in the project, where the Hungarian company will be the operator, and SOCAR will have a 35 percent share.
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