Exxon Mobil has signed a production sharing agreement with Azerbaijan’s state oil company, SOCAR, to explore and develop unconventional oil and gas resources in the Middle Kura Basin. The agreement marks a move by the U.S. energy company to apply its hydraulic fracturing expertise internationally.
The partnership is split 50/50, with Exxon Mobil as project operator. It follows a memorandum of understanding signed in June 2025 and targets onshore resources in a sector Azerbaijan is beginning to prioritize for development.