ExxonMobil signs 50/50 production‑sharing agreement with SOCAR for Middle Kura Basin, to be operator

ExxonMobil will operate a newly signed 50/50 production‑sharing agreement with SOCAR for unconventional resources in Azerbaijan’s Middle Kura Basin; parliamentary approval is still required and companies have not disclosed resource or investment figures.

In this brief: 3 sections 2 min read

- Production‑sharing agreement covers exploration, development and production of unconventional hydrocarbon resources.
- Participating interests: SOCAR 50% / ExxonMobil 50% through subsidiaries.
- ExxonMobil named operator; contract exchange occurred at Azerbaijan International Investment Forum.
- Agreement still requires Azerbaijan parliamentary approval before work can proceed.
- SOCAR and ExxonMobil have not published certified reserves, planned capital spending, or an exploration schedule for the PSA.
- Public statements note further regulatory and contracting steps will follow before drilling.
- Deal transfers U.S. shale expertise and techniques to Azerbaijan’s onshore unconventionals.
- Official exchange occurred in presence of Azerbaijan’s president, signalling political backing.
- Public reporting emphasizes this is exploratory — resource booking and commerciality remain unestablished.

Read full analysis on bloomberglinea.com

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