ExxonMobil to Operate Azerbaijan Shale Venture with SOCAR
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4 Articles
Exxon Mobile has agreed to extract oil and natural gas from the rock fields in Azerbaijan, as part of a direction by the American energy giant in Texas to expand the use of its hydrolytic cracking expertise outside the United States. Exxon Mobile has entered into a joint venture with the Azerbaijani State oil company, Sukar, which allows it to explore and develop non-traditional hydrocarbon resources in the Central Kora Basin, [...] the article …
ExxonMobil and SOCAR have moved from study agreements to a 50/50 production-sharing contract for unconventional oil and gas in Azerbaijan’s Middle Kura Basin. - Energy News Beat
The deal, exchanged on September 26, 2026, at the Second Azerbaijan International Investment Forum in the presence of President Ilham Aliyev, makes ExxonMobil the operator and still needs parliamentary ratification.It is the first time a U.S. supermajor has taken operatorship of an onshore unconventional program in Azerbaijan. The country has spent three decades built around BP-operated offshore giants.
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