Within the framework of the Second Azerbaijan International Investment Forum, organized under the patronage of the President of the Republic of Azerbaijan Ilham Aliyev, a number of documents were signed by SOCAR with various companies.
“Elchi” reports that according to the “Production Sharing Agreement for the exploration, development and production of unconventional hydrocarbon resources in the Middle Kura basin of the Republic of Azerbaijan” signed between SOCAR and ExxonMobil, the participating interests in the contract area will be divided through relevant subsidiaries as 50 percent for SOCAR and 50 percent for ExxonMobil. The operator of the project will be ExxonMobil.
At the ceremony, the Final Investment Decision on the full-scale development of the Absheron gas-condensate field was exchanged between SOCAR, XRG, and TotalEnergies. The work to be carried out under the full-scale development of the field, including the drilling of additional wells and the creation of new processing infrastructure, will allow for the efficient exploitation of the field’s resource potential and bring the overall recovery factor to a level similar to leading international gas projects.
Under the Framework Agreement on strategic partnership between SOCAR and Comstock Resources, the parties will cooperate to explore opportunities for SOCAR to sell natural gas produced from Haynesville shale assets, which corresponds to Comstock’s participating interest, in international markets outside the US after liquefaction (LNG). The companies will focus on identifying potential buyers, evaluating pricing mechanisms, as well as logistics and regulatory issues related to such international sales mechanisms.
The Memorandum of Understanding on strategic partnership regarding investment in upstream development and production projects between SOCAR and Apollo provides for the evaluation and structuring of possible investments by funds managed by Apollo in SOCAR’s upstream development and production projects, the establishment of joint working groups for this purpose, the conduct of legal, financial and technical due diligence, and the preparation of final agreements.
The 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 provides for the expansion of cooperation between the parties in the fields of natural gas and LNG supply, joint development of energy infrastructure projects, investments in production projects, as well as strengthening energy security.
The Agreement on Strategic Cooperation between SOCAR and VNG defines the framework for future cooperation between the companies. The document provides for a long-term partnership in natural gas, as well as related infrastructure and regulatory issues. The parties will also cooperate on scientific and technical issues related to energy transition, as well as hydrogen and its derivatives.
According to the document on the implementation of the Oracle Alloy platform in Azerbaijan, Caspian Mind AI will be the Oracle Alloy operator in Azerbaijan, which will allow the company to provide sovereign Oracle cloud infrastructure services through locally managed cloud infrastructure. By leveraging Oracle’s cloud technologies and operational expertise, Caspian Mind AI will manage customer relationships, sales processes, and certain aspects of customer support.
Within the framework of the event, a Protocol on the Completion of the Transaction for the acquisition of a 10% participating interest in the Baleine oil and gas field development project located in the Republic of Côte d’Ivoire was also exchanged between SOCAR and the Italian company Eni S.p.A. As a result of the completion of the transaction, the participating interests in the Baleine project are 37.25% for Eni, 30% for Vitol, 22.75% for Petroci, and 10% for SOCAR. This acquisition, while ensuring SOCAR’s entry into the African upstream sector, will contribute to the company’s long-term strategy aimed at expanding its global upstream operations.