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AzerNEWS Staff

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As part of the 2nd Azerbaijan International Investment Forum, held under the patronage of President of the Republic of Azerbaijan Ilham Aliyev, SOCAR signed a series of documents with various companies.

Under the Production Sharing Agreement signed between SOCAR and ExxonMobil for the exploration, development and production of unconventional hydrocarbon resources in Azerbaijan’s Middle Kura Basin, the participating interests in the contract area will be divided equally, with SOCAR and ExxonMobil each holding a 50 percent stake through their respective subsidiaries. ExxonMobil will serve as the project operator.

During the ceremony, SOCAR, XRG and TotalEnergies exchanged the Final Investment Decision for the full-scale development of the Absheron gas-condensate field. The full-scale development program will include drilling additional wells and establishing new processing infrastructure. These measures are expected to enable more efficient development of the field’s resource potential and bring its overall recovery factor closer to levels achieved by leading international gas projects.

Under a Framework Agreement on strategic partnership between SOCAR and Comstock Resources, the companies will cooperate to explore opportunities for SOCAR to market liquefied natural gas (LNG) produced from Comstock’s interest in the Haynesville shale assets in international markets outside the United States. The companies will focus on identifying potential buyers, assessing pricing mechanisms, and addressing logistical and regulatory issues related to international sales.

A Memorandum of Understanding on strategic partnership between SOCAR and Apollo for investment in upstream development and production projects provides for funds managed by Apollo to assess and structure potential investments in SOCAR’s interests in upstream development and production projects. The memorandum also envisages the establishment of joint working groups, legal, financial and technical due diligence, and the preparation of final agreements.

A Memorandum of Understanding signed between SOCAR and Securing Energy for Europe GmbH (SEFE) on cooperation in natural gas, LNG, energy security, energy infrastructure development and production projects envisages expanding cooperation in natural gas and LNG supplies, joint development of energy infrastructure projects, investment in production projects, and strengthening energy security.

The Strategic Cooperation Agreement between SOCAR and VNG sets out the framework for future cooperation between the companies. The agreement provides for a long-term partnership in natural gas, as well as related infrastructure and regulatory matters. The parties will also cooperate on energy transition and scientific and technical issues related to hydrogen and its derivatives.

Under the agreement on the deployment of the Oracle Alloy platform in Azerbaijan, Caspian Mind AI will become an Oracle Alloy operator in the country, enabling the company to provide sovereign Oracle cloud infrastructure services through locally operated cloud infrastructure. Caspian Mind AI will manage customer relationships, sales processes and certain aspects of customer support while leveraging Oracle’s cloud technologies and operational expertise.

As part of the event, SOCAR and Italy’s Eni S.p.A. also exchanged a Protocol on the Completion of the Transaction for the Acquisition of a 10% Ownership Interest in the Baleine Oil and Gas Field Development Project in the Republic of Côte d’Ivoire. Following completion of the transaction, the participating interests in the Baleine project are held by Eni at 37.25%, Vitol at 30%, Petroci at 22.75%, and SOCAR at 10%. In addition to marking SOCAR’s entry into Africa’s upstream sector, the acquisition will contribute to the company’s long-term strategy of expanding its global upstream operations.