Baku:SOCAR signed several agreements with various companies during the Second Azerbaijan International Investment Forum, held under the patronage of President Ilham Aliyev.
According to Azerbaijan State News Agency, one of the key agreements was a Production Sharing Agreement between SOCAR and ExxonMobil for exploring, developing, and producing unconventional hydrocarbon resources in Azerbaijan's Middle Kura Basin. Both companies will hold equal stakes of 50%, with ExxonMobil serving as the project operator.
SOCAR also exchanged a Final Investment Decision document with XRG and TotalEnergies for the full-field development of the Absheron gas-condensate field. This development will involve drilling additional wells and expanding processing infrastructure to enhance resource recovery.
A Framework Agreement was signed with Comstock Resources to explore opportunities for liquefying and marketing natural gas from Comstock's Haynesville shale assets internationally. This collaboration will focus on identifying buyers and assessing pricing and logistics.
SOCAR and Apollo signed a Memorandum of Understanding to evaluate potential investments by Apollo-managed funds in SOCAR's upstream projects. This will include establishing joint working groups and conducting due diligence.
Another Memorandum of Understanding was signed with Securing Energy for Europe GmbH (SEFE) to enhance cooperation in natural gas, LNG, energy security, and infrastructure projects, aiming to strengthen energy security.
SOCAR's Strategic Cooperation Agreement with VNG outlines a long-term partnership in natural gas and related infrastructure. It also includes collaboration on energy transition and hydrogen-related scientific and technical matters.
Caspian Mind AI, under an agreement with Oracle, will become an Oracle Alloy operator in Azerbaijan, providing local cloud infrastructure services.
Finally, SOCAR and Italy's Eni S.p.A. completed a transaction for SOCAR to acquire a 10% stake in the Baleine Oil and Gas Field Development Project in C´te d'Ivoire, marking SOCAR's entry into Africa's upstream market and supporting its global expansion strategy.