ExxonMobil Corporation and the State Oil Company of the Republic of Azerbaijan (SOCAR) signed a Memorandum of Understanding (MoU) to partner on enhancing Azerbaijan’s oil and gas resources. SOCAR President Rovshan Najaf and ExxonMobil Vice President John Ardill signed the agreement.

The agreement outlines plans to deepen collaboration in exploration, production, and energy innovation. “We’re very pleased about this partnership. It is a significant first step in further developing Azerbaijan’s resources, driving energy innovation, and increasing a reliable energy supply,” ExxonMobil said in a statement.

“Azerbaijan has a long history in hydrocarbon development and exciting potential in unconventionals,” said ExxonMobil’s Ardill. “We look forward to bringing our cutting-edge capabilities and proven experience to this partnership.”He added.

Azerbaijan is one of the world’s oldest oil-producing countries and holds a significant place in the global energy landscape, particularly in the Caspian region. It produces roughly 600,000 to 700,000 barrels of oil per day (b/d).