SOCAR's Strategic Agreements Spark New Era in Oil and Gas Exploration

Azeri state energy company SOCAR is poised to sign pivotal new agreements for oil and gas exploration, insiders revealed on Monday. These agreements, involving energy giants Exxon Mobil and BP, highlight Azerbaijan's ongoing efforts to expand its role in the global energy market.

Azerbaijan holds substantial energy reserves with 7 billion barrels of proven oil and 1.7 trillion cubic metres of natural gas, according to data from the U.S. Department of Energy. President Ilham Aliyev announced plans for natural gas export growth, aiming to increase exports by 8 billion cubic metres by 2030.

This export increase will be driven by both existing fields and new discoveries, as Azerbaijan continues to export significant volumes—25 billion cubic metres of natural gas were exported in 2024 alone.

(With inputs from agencies.)