US-based oil major ExxonMobil is deepening its ties with Azerbaijan following the signing of a memorandum of understanding (MoU) with SOCAR, the state-owned oil company.
The MoU was agreed during a recent trip to Washington by Ilham Aliyev, Azerbaijan’s president. John Ardill, a vice president at ExxonMobil, and Mikayil Jabbarov, Azerbaijan’s minister for the economy, signed the document. Steve Witkoff, President Trump’s special envoy, was also present for that and subsequent bilateral talks with President Aliyev.
ExxonMobil is well known for making industrial lubricants like gear oil and hydraulic oil under the Mobil brand. It also has substantial experience with developing unconventional oil resources in the US Permian Basin. This may prove useful for moving forward with developing a large unconventional prospect that has been recently discovered in Azerbaijan. While no technical details were given about the prospect, officials framed the new MoU as a springboard for assessing and potentially developing the resource.
Jabbarov highlighted his country’s role in ensuring energy security in the region and the wider world. Azerbaijan now ships natural gas to 14 countries by pipeline, 10 of which are allies to the US, something that he said was viewed positively by Washington. The economy minister also highlighted how the country’s expansion of grid resources and renewables capacity was attracting foreign capital. He said he sees the country emerging as a hub for artificial intelligence and other data centre workloads. He also expressed the country’s geographic potential to connect the South Caucasus with Central Asia for digital and energy products.
