From Yahoo Finance: 2025-06-03 05:14:00

The State Oil Company of Azerbaijan Republic (SOCAR) has signed agreements with Exxon Mobil and bp for oil and gas exploration, aiming to sustain oil output at 582,000 bpd for five years. ExxonMobil will enhance onshore production while evaluating project options, with no immediate drilling plans. SOCAR will divest stakes in offshore fields to bp, who will operate the Karabakh project. Azerbaijan plans to boost natural gas exports by 8bcm by 2030. BP also announced a final investment decision on a 240MW solar plant project in Azerbaijan.

Read more: Azerbaijan’s SOCAR inks oil exploration deals with ExxonMobil and BP