MOL places 39% of its investments in Azerbaijan

In the first quarter 2025, the total amount of capital expenditures of the Hungarian company MOL on projects in the upstream sector around the world (Hungary, Croatia, Iraqi Kurdistan, Pakistan, Azerbaijan, etc.) amounted to $61.7 million, which is 14.7% less than in the same period in 2024, Report informs, citing the company.

Total capital investment in Azerbaijan amounted to $24.1 million, down 27.4% from the previous year. Of this amount, $19.4 million was spent on development, $3.6 million on exploration, and $1.1 million on other expenses.

Some 39.1% of the company's total investments were made in Azerbaijan. Thus, in January-March 2025, Azerbaijan ranked first in terms of MOL's capital investment volume, followed by Hungary ($17.3 million), and Croatia ($13.7 million).

In 2024, MOL's capital investment in projects in Azerbaijan amounted to $123.8 million (a decrease of 13.5%). Of this amount, $114.7 million was spent on development, $5.2 million on exploration, and $3.9 million on other expenses. Last year, 54.1% of the company's total investments in Azerbaijan accounted for capital investments.

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

Currently, MOL Group operates in production in 8 countries and has exploration assets in 9 countries.