The Shamakhi-Gobustan is a joint exploration project.

The Shamakhi-Gobustan region onshore Azerbaijan will be developed by MOL Group and SOCAR as they signed a comprehensive production sharing agreement

The joint exploration project will be led by MOL Group as operator with a 65% stake while SOCAR retains 35% interest in the area.

This agreement, which was signed by MOL Group chairman and CEO, Zsolt Hernádi, and SOCAR president, Rovshan Najaf, solidifies the key terms that were proposed for the exploration in June during Baku Energy Week, and builds on previous successful cooperation.

“The final agreement of our latest cooperation with SOCAR marks another major step in our shared commitment to unlocking new potential and expanding our excellent collaboration in Azerbaijan’s upstream sector.

"The Shamakhi-Gobustan joint exploration project adds a great opportunity to our international upstream portfolio, and as the operator, we are proud to build on MOL Group’s extensive experience in exploration and production. Strong foundations have already been laid through the offshore ACG project in Azerbaijan, which is an important pillar of our international operations, playing a vital role in Central Europe’s energy security and providing us flexibility in crude oil sourcing and refining.

"I am very much looking forward to the next chapter of our cooperation in Azerbaijan with our esteemed partner SOCAR, which will further strengthen our region’s energy supply security,” said Hernádi.

The partners are currently planning to initiate a seismic survey early 2026, before drilling can begin shortly after. 

The company is expecting a base work programme for 2026.

In line with its ambitions, Gulf Keystone, a leading independent operator and producer in the Kurdistan Region of Iraq, has managed to record a gross average production of around 41,400 bopd in 2025

The company's approach involved transitioning from trucking sales to pipeline exports via the Iraq-Türkiye Pipeline so that volumes can be quickly ramped up to attain full well capacity. 

Well workover is currently underway to bring back two wells online, which in turn, will result in increased production rates by early 2026. A three-week shutdown is also in plans next year to ensure safety upgrades at PF-2, with equipment tie-ins to be conducted as well. Engineering design work is on track for the installation of PF-2 water handling in 2027. 

Jon Harris, Gulf Keystone’s chief executive officer, said, "2025 has been a milestone year for the Company after pipeline exports from the Shaikan Field were successfully restarted in September following a hiatus of over two and a half years. Liftings allocated to Gulf Keystone and other IOCs commenced in November and we are pleased to have recently received our first payment. The process as outlined in the interim exports agreements is working and we look forward to a return to full PSC entitlement at international prices following the international independent consultant’s review.

"We are on track to meet our production, capital and cost guidance for 2025. Strong operational and financial performance in the year has enabled us to safely advance key projects while distributing US$50mn of dividends to shareholders. Cumulative production from the Shaikan Field recently surpassed 150 million barrels, underlining the scale and quality of the asset. Looking ahead to 2026, we are expecting a base work programme focused on the progression of current projects. We are also embedding optionality to restart drilling and review disciplined field development, contingent on consistent exports payments at international prices. We are excited about a potentially transformational year for the company and remain focused on executing for our shareholders."

Initial analysis has indicated an estimated reserves of 15-25 bn cu/ft of gas.

Middle East-based natural gas company, Dana Gas, has made a significant gas discovery following the drilling of the North El-Basant 1 exploratory well in Egypt’s onshore Nile Delta.

As the company conducted initial analysis, the well indicated the presence of an estimated reserves of 15-25 bn cu/ft of gas. This encourages production expectations to exceed 8 mn cu/ft per day once the well is connected to the national network. 

The promising results come from the fourth of the 11 development and exploration wells under Dana's US$100mn investment programme to support domestic gas production, increase reserves and meet growing energy demand. This programme has been deseigned to boost long-term production, accumulating approximately 80 bn cu/ft in recoverable gas reserves for vast coverage.

The company is now preparing to spud the fifth well in the programme, the Daffodil exploration well, in January 2026. 

On the other hand, three wells were recompleted earlier this year, adding 9 mn standard cu/ft per day of production. Drilling and recompletion programmes are adding approximately 30 mn standard cu/ft per day of new production.

Richard Hall, CEO, Dana Gas, said, “The latest drilling success reinforces the value of our investment programme in Egypt and highlights the significant remaining potential within the Nile Delta. The North El Basant-6 result builds on the momentum of our earlier wells and supports our efforts to increase domestic gas supply and reserves. By increasing local gas production, the programme will help reduce Egypt’s reliance on imported LNG and fuel oil and is expected to generate more than one billion dollars in savings for the national economy over time.

“Our agreement with EGAS has enabled us to secure additional acreage under improved fiscal terms and to accelerate this new phase of drilling activity. We appreciate the strong cooperation from EGAS and the Ministry, and we remain committed to delivering the majority of our planned programme next year. Regular and timely payments from our partners are crucial to sustaining our investment programme in Egypt.”

The company is pumping 80,000 barrels of oil per day.

DNO ASA is preparing to restart drilling at the Tawke license, after recording a promising yield of 500mn barrels from the region

This development comes after a two-and-a-half-year spending hiatus when a new production well was spud, targeting the shallow Jeribe reservoir in the Tawke field. Two rigs have been mobilised to drill eight wells on the license through 2026 to achieve a 25% increase in gross operated production to 100,000 barrels of oil per day. The Tawke and Peshkabir fields, which make up the Norweigian company-operated Tawke license, are known for its sprawling expanse.   

“Despite halting new drilling following the 2023 export pipeline closure and the drop in revenues, we are still pumping an impressive 80,000 barrels of oil per day with continuous, low-cost tweaks to the wells,” said executive chairman Bijan Mossavar-Rahmani. “Given two decades of experience working these complex reservoirs, we have great confidence in our ability to extract much, much more oil from the fields in this license,” he said, adding, “DNO holds the key to Tawke.”

DNO is the first Western company to enter Kurdistan in 2004, and support the region in modernising its oil and gas industry.