Investments Exceeding Ten Billion Dollars at Baku Forum in Azerbaijan
With major agreements signed at the investment forum in Baku, a final investment decision was made for the Absheron field, and a hydrocarbon exploration partnership was established with ExxonMobil.
Azerbaijan signed critical agreements covering potential investments exceeding ten billion dollars at an international investment forum held in Baku, announcing new cooperation in the energy sector.
International Investment Forum
Within the scope of the international investment forum held in Azerbaijan's capital, Baku, investment agreements totaling over ten billion dollars were signed in various sectors, primarily energy.
Absheron Field Decision
Azerbaijan's state oil company SOCAR, France-based TotalEnergies, and Abu Dhabi-based XRG made the final investment decision for the full-scale development of the Absheron gas and condensate field in the Caspian Sea.
Natural Gas Production Increase
President Ilham Aliyev announced that with the commissioning of the second phase of the Absheron field, the country's natural gas production will increase by approximately five billion cubic meters within three to four years.
Economic Growth and Exports
While the share of non-oil sectors in the gross domestic product exceeds seventy percent, oil and natural gas continue to account for more than ninety percent of total exports.
European and Turkish Markets
Realizing its natural gas exports mainly to Europe and Turkey, Azerbaijan sent approximately half of the twenty-five billion cubic meters of gas it exported last year to European Union countries.
Cooperation with ExxonMobil
SOCAR and U.S. energy giant ExxonMobil signed a fifty-percent partnership agreement for the exploration and development of unconventional hydrocarbon resources in the Middle Kura Basin.