Core Insights - MOL Group and SOCAR have signed a production sharing agreement (PSA) for hydrocarbon exploration and production in Azerbaijan's Shamakhi-Gobustan area, with MOL holding a 65% interest and SOCAR 35% [1] - The companies plan to start seismic surveys in early 2026, followed by drilling activities, continuing their collaboration in Azerbaijan's energy sector [2] Company Developments - MOL Group's chairman and CEO highlighted the Shamakhi-Gobustan project as a significant addition to its international upstream portfolio, emphasizing the company's experience in exploration and production [3] - MOL has previously established a strong presence in Azerbaijan through its involvement in the offshore ACG project, which is crucial for central Europe's energy security [4] Historical Context - MOL entered the Azerbaijani market in 2020 by acquiring a 9.57% stake in the ACG oilfield and an effective 8.9% interest in the BTC pipeline, which transports crude oil to the Mediterranean [5] - The ACG field accounted for 14% of MOL's total production and 25% of its total reserves as of 2024, demonstrating its importance to the company's operations [5] Operational Impact - The BTC pipeline has enabled the transport of nearly 18 million barrels of MOL's crude oil from the ACG field to refineries in central and eastern Europe, showcasing the logistical capabilities of the company [6]

Core Viewpoint - Shell plc has increased its stake in Nigeria's OML 118 Production Sharing Contract from 55% to 65%, demonstrating its commitment to enhancing upstream output in the region [1][2]. Group 1: Acquisition Details - The acquisition was executed through Shell Nigeria Exploration and Production Company (SNEPCo) and follows a previous investment decision on the Bonga North project, aligning with Shell's strategy to focus on high-return existing assets [2][4]. - Initially, Shell expected to acquire a 12.5% interest, but Nigerian Agip Exploration exercised pre-emption rights, reducing Shell's incremental gain to 10% [3]. - The updated ownership structure now includes SNEPCo at 65% (operator), Esso Exploration and Production Nigeria at 20%, and Agip at 15%, with all partners operating on behalf of the Nigerian National Petroleum Company (NNPC) [3]. Group 2: Strategic Implications - This acquisition supports Shell's target to grow combined Integrated Gas and Upstream production by approximately 1% annually until 2030, helping to secure a liquids output of 1.4 million barrels per day [4]. - The Bonga North expansion is anticipated to tap several hundred million barrels of oil equivalent, potentially reversing Nigeria's offshore decline, contingent on improved fiscal and regulatory stability [5]. - The increased stake reflects confidence in Nigeria's upstream potential and the long-term importance of deep-water assets in Shell's portfolio strategy [6].