MOL kept oil production in Azerbaijan at last year's level in H1

The daily oil production volume of the Hungarian company MOL in Azerbaijan in the first half of 2025 amounted to 12,600 barrels of oil equivalent (boe), which is in line with the same period in 2024, Report informs referring to the company's semi-annual update.

According to MOL, in January-June of this year, the company's total average daily oil production (excluding separated condensate) in projects around the world - in Hungary, Croatia, Iraqi Kurdistan, Pakistan, Azerbaijan and others - reached 40,600 boe (an increase of 5.45%).

Thus, Azerbaijan accounted for 31% of the company's total oil production in the first half of 2025. The company's total average daily hydrocarbon production, including gas, during this period amounted to 93,800 boe (+ 1.7%). Azerbaijan accounted for 13.4% of the company's total production in the first half of the year. In the second quarter of 2025, the average daily production of hydrocarbon raw materials in Azerbaijan was 12,800 boe (+4.1%). The company's total average daily production during this period was 93,500 boe (+1.5%).

Azerbaijan accounted for 13.7% of the company's total production in the second quarter.

Currently, Hungarian MOL in Azerbaijan has a 9.57% stake in the Azeri-Chirag-Guneshli block development project and 8.9% in the Baku-Tbilisi-Ceyhan oil pipeline project. Also on June 4, 2025, the State Oil Company of Azerbaijan (SOCAR) and MOL Hungarian Oil and Gas signed the main terms of the agreement on exploration, development and production sharing in the onshore section "Shamakhi-Gobustan."

MOL will be the operator of the project and will hold a 65% equity stake, while SOCAR will hold a 35% stake. Completion of the full-scale exploration, development and production sharing agreement is subject to further negotiations and regulatory approval. The company operates in 8 countries and is active in the oil and gas industry in 9 countries.