Exxon Mobil and Azeri state energy company SOCAR signed a memorandum of understanding for the exploration, development, and production of unconventional onshore oil reserves in Azerbaijan. This agreement was announced at an energy conference in Baku.
Azerbaijan aims to maintain its oil output at around 582,000 barrels per day over the next five years, with investment from Western energy companies. Exxon's experience in developing unconventional oil could help boost Azerbaijan's onshore output, which currently accounts for only 5% of the country's total oil production.
Exxon already holds stakes in Azerbaijan's largest oil development project, Azeri-Chirag-Gunashli, and the Baku-Tbilisi-Ceyhan pipeline. This new agreement signifies ExxonMobil's continued commitment to the region and its strategy to explore new resource opportunities.
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