BAKU, Azerbaijan, September 26. ExxonMobil will become the operator of a project for the development of unconventional hydrocarbons in Azerbaijan.
This was announced in a report by the State Oil Company of Azerbaijan (SOCAR) today.
“Under 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 held through the respective subsidiaries, with SOCAR holding 50% and ExxonMobil holding 50%. ExxonMobil will serve as the operator of the project,” the company said.
Meanwhile, in June 2025, SOCAR and ExxonMobil Corporation signed a Memorandum of Understanding. The document provides for cooperation in Azerbaijan's oil and gas sector.
In March of this year, while speaking at the U.S.-Azerbaijan trade and business conference marking the 30th anniversary of the U.S.-Azerbaijan Chamber of Commerce, SOCAR President Rovshan Najaf announced that Azerbaijan is beginning the development of unconventional oil and gas resources.
Najaf emphasized that this area had not previously been a priority for the country due to the Caspian Sea's significant fish stocks.
"We previously focused on offshore oil and gas fields. Now, alongside offshore development, we are also beginning to tap into onshore unconventional resources. In this regard, U.S. companies are natural partners for this project, as they possess the necessary technology, expertise, and experience—precisely what is required for the project's successful development. We have already initiated work in cooperation with ExxonMobil," he said.
ExxonMobil Corporation (NYSE: XOM) is an American multinational energy company and one of the world's largest publicly traded oil and gas companies. ExxonMobil is engaged in the exploration and production of oil and natural gas, oil refining, and the manufacture and sale of petroleum and petrochemical products. The company is also developing low-carbon business lines.
