SOCAR (State Oil Company of Azerbaijan Republic) and UK oil major BP have signed a memorandum of understanding (MoU) to explore potential collaboration opportunities in international oil and gas upstream projects. The partnership, focused on bolstering global energy security, underscores the companies’ commitment to a reliable and sustainable energy supply.
Eni SPA and the State Oil Company of the Azerbaijan Republic (SOCAR) agreed to cooperate on emission reduction projects in the COP29 host country at the same time pursuing hydrocarbon exploration and production to secure fuel for Europe.
Azerbaijan plans to increase its gas exports from 8 billion cubic meters in 2021 to 20 billion cubic meters by 2027.
This expansion requires increased gas production and capacity enhancement of the Southern Gas Corridor pipelines.
Challenges include securing purchase agreements with European buyers and competing with flexible LNG exports.
South Korea asked for Azerbaijan’s support Wednesday for its companies seeking to take part in major energy and other industry projects in the European nation, the industry ministry said.
On April 13, Azerbaijani President Ilham Aliyev paid an official visit to Sarajevo, Bosnia-Herzegovina. While there, Aliyev met with his counterparts, the members of the Bosnian tripartite presidency, Željka Cvijanovi?, Denis Be?irovi? and Željko Komši? (Azertac, April 13).
UK oil giant BP has started drilling two new exploration wells to search for gas deep beneath the Caspian Sea.