Azerbaijan signs investment agreements worth more than $10 billion
XOM•Azerbaijan signed agreements representing more than $10 billion in potential investment at an international forum in Baku and announced energy deals. The second phase of the Absheron field is expected to add around 5 billion cubic metres of gas production within three to four years.
1. Absheron development
SOCAR, TotalEnergies and Abu Dhabi's XRG reached a final investment decision on full-field development of the Absheron gas and condensate field. President Ilham Aliyev said its second phase would increase Azerbaijan's gas production by around 5 billion cubic metres within three to four years.
2. Exploration and exports
SOCAR and ExxonMobil signed a production-sharing agreement for exploration, development and production of unconventional hydrocarbons in Azerbaijan's Middle Kura basin. Each company holds a 50% stake, with ExxonMobil as operator. Aliyev said oil and gas make up more than 90% of exports, while the non-oil sector accounts for more than 70% of GDP.
3. Transit and investment
Aliyev said transit cargo volumes are expected to reach 16 million metric tons this year, with a target of 25 million tons or more by 2030. The government is negotiating with unnamed international companies to develop data centres and AI in Azerbaijan.
