Memorandum between SOCAR, ExxonMobil could lead to discovery of major oil field in Azerbaijan - Aliyev
BAKU. Aug 11 (Interfax) - The memorandum signed on August 7, 2025, in Washington between the State Oil Company of the Azerbaijani Republic (SOCAR) and U.S. ExxonMobil could result in the implementation of a large-scale project, as there is a high probability of discovering a major oil field in Azerbaijan, Azerbaijani President Ilham Aliyev said.
"Without a doubt, this memorandum of cooperation between ExxonMobil and SOCAR will lead to the implementation of a significant project. I do not want to get ahead of events, but there is a high probability of discovering a major oil field in Azerbaijan," Aliyev said in an interview with Azerbaijani media.
He recalled that ExxonMobil has extensive experience working in Azerbaijan. In 1994, the company became a participant in the project to develop the Azeri-Chirag-Gunashli field block.
"The signing ceremony [of the memorandum on August 7], attended by [the U.S. president's] Special Envoy [Stephen] Witkoff, the U.S. deputy secretary of the Treasury and myself essentially demonstrates our belief in the future of this project. There are many technical factors that allow us to say this will be a major hydrocarbon field," Aliyev said.
He also said that fossil fuels, which in his view have been unfairly discriminated against over the past decade or even longer, are now returning to the market.
"Our team held negotiations here with international financial institutions, with the U.S. Eximbank, regarding possible financing for projects in the field of fossil fuels and infrastructure for transporting hydrocarbons. That is, energy will definitely remain one of the important components of our cooperation. In the memorandum of understanding [signed on August 8 at the White House] together with [U.S.] President [Donald] Trump, energy occupies a special place. By energy we mean oil, gas, and potentially renewable energy resources," Aliyev said.
"Our pipeline gas supplies cover 14 countries, so in terms of pipeline gas Azerbaijan is one of the leading countries in the world. Azerbaijan supplies natural gas to the territories of ten NATO members and ten EU members. Only recently we started supplying gas to Syria. Thus, we have already entered the Middle East region and will expand our geography in Europe and the Middle East. But this is only one part of our future agenda. We are very much counting on close cooperation with the United States in the field of artificial intelligence and digital transformation," Aliyev said.
As reported, ExxonMobil currently holds a 6.79% interest in the ACG project and a 2.5% interest in the Baku-Tbilisi-Ceyhan pipeline, and is the operator of the Zafar-Mashal offshore exploration and development project with a 30% stake.
In June 2025, SOCAR and ExxonMobil Corporation signed a memorandum of understanding on cooperation in Azerbaijan's oil and gas sector.
