Azerbaijan's economy chief announces landmark SOCAR-ExxonMobil collaboration

Azerbaijan is looking to expand its energy sector with the discovery of a large unconventional oil field in collaboration with the American energy giant ExxonMobil, Economy Minister Mikayil Jabbarov announced during a special Cabinet meeting focused on the outcomes of President Ilham Aliyev’s recent visit to the United States.

The minister highlighted that the signing of a memorandum of cooperation between the State Oil Company of Azerbaijan (SOCAR) and ExxonMobil is expected to strengthen bilateral collaboration in the energy sector, Caliber.Az reports via domestic media.

Jabbarov underscored Azerbaijan’s vital role in regional and global energy security, noting that the country supplies natural gas to ten US allies, with total pipeline deliveries reaching fourteen countries.

He also mentioned that Azerbaijan recently began gas supplies to Syria. “The United States has responded positively to Azerbaijan’s involvement in oil and gas projects of its allies, including Israel and the United Arab Emirates,” he said.

The minister further emphasised that Azerbaijan’s rich energy resources, along with its renewable energy potential, enhance the country’s attractiveness for investment in high-tech sectors such as data centre infrastructure and artificial intelligence technologies.

“Azerbaijan plays a crucial role in implementing a number of projects connecting strategically important regions of Central Asia and the South Caucasus,” Jabbarov added.

The announcement follows a meeting on August 7 in Washington between President Ilham Aliyev and U.S. Special Envoy Steve Witkoff. Prior to the discussions, SOCAR and ExxonMobil signed a “Memorandum of Cooperation” in the presence of President Aliyev and Special Envoy Witkoff.

The memorandum was signed by Minister of Economy Mikayil Jabbarov and ExxonMobil Vice President John Ardill. Following the signing ceremony, President Aliyev held a bilateral meeting with the U.S. Special Envoy to further discuss collaboration.

By Tamilla Hasanova