MOL cuts oil production in Azerbaijan

The daily oil production of the Hungarian company MOL in Azerbaijan in the first quarter of 2025 amounted to 12,400 barrels of oil equivalent (boe), decreasing by 3.1% compared to the same period in 2024, Report informs referring to the company.

In January-March 2025, the company's total average daily hydrocarbon production in projects around the world (in Hungary, Croatia, Iraqi Kurdistan, Pakistan, Azerbaijan, etc.) amounted to 93,000 boe (an increase of 0.8%).

Thus, Azerbaijan accounted for 13.3% of the company's total production in the first quarter of 2025. In 2024, MOL's daily production in Azerbaijan in 2024 amounted to 12,700 boe (a decrease of 8.6%).

Azerbaijan accounted for 13.5% of the company's total production.

MOL in Azerbaijan has a 9.57% stake in the Azeri-Chirag-Guneshli block development project and an 8.9% stake in the Baku-Tbilisi-Ceyhan oil pipeline project.

On September 20, 2024, the State Oil Company of Azerbaijan (SOCAR) and MOL Hungarian Oil and Gas signed a memorandum of understanding “On exploration, development and production in the Shamakhi-Gobustan block”.

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