Azerbaijan

MOL Group to operate new onshore exploration block under SOCAR agreement in Azerbaijan

December 18, 2025

(World Oil)– MOL Group and SOCAR have signed a comprehensive onshore exploration, development and production sharing agreement covering the Shamakhi-Gobustan region of Azerbaijan, strengthening their long-standing upstream partnership in the Caspian region. Under the agreement, MOL Group will serve as operator with a 65% working interest, while SOCAR will hold the remaining 35%. The fully termed deal follows a preliminary alignment reached by

Deadly Armenia-Azerbaijan clashes unlikely to cause an oil spike, analyst says

September 28, 2020

CNBC Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets. “There is not really much anticipation that this will boil over into something more serious for oil and commodity markets,” Edward Bell,

Exclusive: Exxon revives sale of stake in giant Azeri oilfield

May 19, 2020

Reuters LONDON – Exxon Mobil (XOM.N) has relaunched the sale of its stake in Azerbaijan’s largest oilfield, the company said on Tuesday, as banking and industry sources said the move was drawing interest from large Asian oil and gas companies seeking to capitalize on the recent collapse in oil prices. The top U.S. oil and gas company first tried to

BP Thinks It’s Sitting on Another Giant Gas Field in the Caspian

January 10, 2019

From Bloomberg BP Plc and its partners just spent $28 billion bringing a giant natural gas project in Azerbaijan online, and that may only be the start. The British oil major intends to drill six new exploration wells in the country by 2020, according to Gary Jones, BP’s regional president for Azerbaijan, Georgia and Turkey. If his expectations are met,

Exxon, Chevron Seek To Exit Azerbaijan’s Oil After 25 Years: Reuters

December 5, 2018

From Reuters Exxon Mobil and Chevron are seeking to sell their stakes in Azerbaijan’s largest oilfield, marking the retreat of the U.S. majors from the former Soviet state after 25 years as they re-focus on domestic production. Exxon is hoping to raise up to $2 billion from the sale of its 6.8 percent in the Azeri-Chirag-Gunashli (ACG) field in the

New Pipeline will Triple Azerbaijan’s NatGas Piped to Europe, Avoiding Russia

October 14, 2015

303 mile pipeline expansion in Azerbaijan is the first leg of a 1,993 mile journey to southern Europe Construction or preliminary work has begun on three pipelines designed to flow natural gas supplies from Azerbaijan to consumers in Turkey, Bulgaria, Greece and Italy, according to the Energy Information Administration (EIA). The South Caucasus Pipeline Expansion (SCPX) is proposed to take