Thanks to a new set of deals, the State Oil Company of the Republic of Azerbaijan (SOCAR) is pooling resources with the U.S.-headquartered ExxonMobil and Canada’s Gran Tierra Energy to explore energy opportunities within the oil and gas ecosystem.
SOCAR’s memorandum of understanding (MoU) with ExxonMobil, signed by Rovshan Najaf , SOCAR President, and John Ardil , ExxonMobil’s Vice President, envisages the duo’s cooperation in Azerbaijan’s oil and gas sector. This strengthens further the two players’ long-term partnership in the energy landscape.
Azerbaijan’s firm inked another MoU with Calgary-based Gran Tierra Energy to conduct joint research on the technical and economic assessment for the exploration, development, and production of hydrocarbon potential in the Guba-Caspian region.
The Canadian player will analyze the existing geological and technical data on the project, as well as the logistics and infrastructure potential. Once the geological exploration program and the main commercial terms are in place, steps will be taken to sign a production sharing agreement (PSC).
These MoUs come after SOCAR signed on the dotted line to become Chevron’s partner at a gas field off the coast of Israel, after Union Energy decided to head for the exit.
The Azerbaijani company is among the license winners in a fourth competitive process for natural gas exploration in the State of Israel’s Exclusive Economic Zone (EEZ).