SOCAR signs multiple upstream, LNG and energy-infrastructure agreements
- A Production Sharing Agreement splits participation in the Middle Kura unconventional hydrocarbons area 50%–50% between SOCAR and ExxonMobil, with ExxonMobil as operator.
- SOCAR, XRG and TotalEnergies exchanged a Final Investment Decision to proceed with full-scale Absheron development, including additional wells and new processing infrastructure.
- A Framework Agreement with Comstock targets liquefying and international sales of Haynesville shale gas produced from Comstock’s participation, addressing buyers, pricing, logistics and regulation.
- SOCAR completed acquisition of a 10% stake in the Baleine oil and gas field, leaving project shares at 37.25% Eni, 30% Vitol, 22.75% Petroci and 10% SOCAR.
Middle Kura PSA with ExxonMobil
A Production Sharing Agreement on exploration, development and production of unconventional hydrocarbon resources in the Middle Kura Basin will allocate participation shares 50% to SOCAR and 50% to ExxonMobil through subsidiaries, with ExxonMobil as project operator.
Absheron full-scale development FID
SOCAR, XRG and TotalEnergies exchanged the Final Investment Decision to proceed with full-scale development of the Absheron gas‑condensate field. Planned work includes drilling additional wells and building new processing infrastructure to raise the field's production coefficient to levels comparable with leading international gas projects.
LNG and commercial frameworks
Under a Framework Agreement with Comstock Resources, the parties will explore liquefaction and international sale of natural gas produced from Haynesville shale assets belonging to Comstock's share, focusing on identifying buyers, pricing mechanisms, logistics and regulatory issues outside the US.
Investment and strategic partnership MoUs
A memorandum with Apollo sets out evaluation and structuring of possible investments by Apollo‑managed funds in SOCAR’s upstream project shares, including joint working groups and due diligence. A MoU with SEFE targets expanded cooperation on natural gas, LNG, energy infrastructure, production investments and energy security. An agreement with VNG frames long‑term cooperation on natural gas, related infrastructure, regulatory matters and topics linked to the energy transition such as hydrogen and derivatives.
Cloud infrastructure and Baleine acquisition
Caspian Mind AI will operate the Oracle Alloy platform in Azerbaijan to provide sovereign Oracle cloud infrastructure services via locally managed systems and handle customer relations, sales and some support using Oracle technology. Separately, SOCAR completed the acquisition of a 10% participation in the Baleine field in Côte d'Ivoire, marking its entry into Africa’s upstream sector and aligning project shares to 37.25% Eni, 30% Vitol, 22.75% Petroci and 10% SOCAR.
Source: SOCAR