BAKU, Azerbaijan — SOCAR and ExxonMobil have signed a production-sharing agreement covering the exploration, development and production of unconventional hydrocarbon resources in Azerbaijan’s Middle Kura basin.
The two companies will each hold a 50% interest in the contract area through their respective subsidiaries, while ExxonMobil will serve as operator, according to details released after the second Azerbaijan International Investment Forum.
The agreement is a production-sharing contract rather than a preliminary memorandum. The companies have not disclosed a resource estimate, planned investment or timetable for exploration work.
Separate U.S. Gas Framework
SOCAR also signed a framework agreement with Comstock Resources. The companies will examine the possible liquefaction of natural gas produced from Comstock’s Haynesville shale assets in the United States and its sale by SOCAR to customers outside the country.
The framework covers the search for potential buyers, pricing mechanisms, logistics and regulatory issues. No binding supply volumes or launch date have been announced.
The Office of the President of Azerbaijan confirmed that the SOCAR-ExxonMobil production-sharing agreement and the SOCAR-Comstock strategic partnership framework were among the documents exchanged in Baku on Sept. 26.
Sources: Vesti Baku; Office of the President of Azerbaijan.