Azerbaijan said it signed agreements covering more than $10 billion in potential investments at an international forum in Baku. A key agreement was the final investment decision for the full-field development of the Absheron gas and condensate field by state-owned SOCAR, France’s TotalEnergies, and Abu Dhabi’s XRG.
President Ilham Aliyev said the project’s second phase is expected to increase Azerbaijan’s gas production by about 5 billion cubic meters within the next three to four years. Azerbaijan is a key gas supplier to Europe and Turkey. Increasing exports to Europe would require additional pipeline infrastructure as global energy security remains a high priority.
Separately, SOCAR signed a production-sharing agreement with ExxonMobil to explore and develop unconventional hydrocarbon resources in Azerbaijan’s Middle Kura basin.