Baku:SOCAR has signed several significant agreements with various companies during the Second Azerbaijan International Investment Forum, held under the patronage of President Ilham Aliyev of the Republic of Azerbaijan.
According to Azeri-Press news agency, one of the key agreements is the Production Sharing Agreement with ExxonMobil for exploring and developing unconventional hydrocarbon resources in the Middle Kura Basin. Both SOCAR and ExxonMobil will hold equal shares of 50% in the contract area, with ExxonMobil acting as the project operator.
Additionally, SOCAR, XRG, and TotalEnergies have exchanged the Final Investment Decision document concerning the development of the Absheron gas-condensate field. This initiative includes drilling additional wells and building new processing facilities to optimize the field's resource extraction, aligning it with leading international gas projects.
SOCAR has also entered a Framework Agreement with Comstock Resources to explore liquefying and marketing natural gas from Comstock's Haynesville shale assets in international markets outside the United States. This partnership will focus on potential buyers, pricing mechanisms, logistics, and regulatory aspects of international sales.
A Memorandum of Understanding between SOCAR and Apollo outlines a strategic partnership for evaluating and structuring potential investments in SOCAR's upstream projects. This includes the establishment of joint working groups and conducting due diligence.
SOCAR and Securing Energy for Europe GmbH (SEFE) have agreed to expand cooperation in natural gas and LNG supply, energy infrastructure development, and upstream projects to enhance energy security.
The Strategic Cooperation Agreement with VNG sets a framework for long-term collaboration in natural gas, infrastructure, energy transition, and hydrogen-related scientific and technical matters.
In a technological advancement, Caspian Mind AI will operate as an Oracle Alloy platform operator in Azerbaijan, providing Oracle cloud infrastructure services locally. This includes managing customer relationships and sales while utilizing Oracle's technologies and expertise.
Furthermore, SOCAR and Italy's Eni S.p.A. have finalized a transaction for SOCAR's acquisition of a 10% stake in the Baleine Oil and Gas Field Development Project in C´te d'Ivoire. This move marks SOCAR€š¬…¡¬€š¬…¾¢s entry into Africa's upstream sector, contributing to its strategy of global expansion in upstream operations.