AZERBAIJAN: New agreements signed within the framework of the 2nd Azerbaijan International Investment Forum

 Investment Breakthrough in Baku: SOCAR and Ministry of Economy Sign Agreements with Global Giants
Within the framework of the 2nd Azerbaijan International Investment Forum, a large-scale exchange of documents took place to shape the future of the country's energy and technology sectors. President of the Republic of Azerbaijan Ilham Aliyev attended the ceremony.
The deals reinforce Baku's status as a key global energy player, opening new horizons—from unconventional resource development domestically to expansion into the African continent and digital transformation with tech leader Oracle.
Gas Sector: Full-Scale Development of "Absheron" and LNG

* Absheron Field: SOCAR, France's TotalEnergies, and ADNOC/XRG signed the Final Investment Decision (FID) on the full-scale development of this strategic gas-condensate field, significantly boosting the country's export potential.
* European Partnership: SOCAR strengthened its European presence by signing a Memorandum of Understanding with Securing Energy for Europe GmbH (SEFE) and a strategic cooperation agreement with VNG AG. The parties will focus on natural gas and LNG supplies, infrastructure development, and EU energy security.

Global Expansion and New Production Technologies

* Entry into Africa: SOCAR officially finalized its transaction with Italy's Eni S.p.A., acquiring a 10% participating interest in the major Baleine oil and gas field development in the Republic of Côte d'Ivoire.
* Unconventional Resources with ExxonMobil: SOCAR and the US-based ExxonMobil corporation signed an agreement for the exploration, development, and production sharing of unconventional hydrocarbon resources in the Middle Kura basin of Azerbaijan.
* US Upstream Investments: Strategic partnership agreements were signed with Comstock Resources and Apollo investment company to finance exploration and production projects.

Digitalization and Economic Diversification

* Cloud Solutions with Oracle: SOCAR is adopting the Oracle Alloy platform. The agreement will allow the energy giant to implement cutting-edge IT tools and localize sovereign cloud services.
* Non-Oil Sector Development: The Ministry of Economy of Azerbaijan signed a strategic partnership and investment framework agreement with Carlsberg Group.
* New JVs and Free Zones: The Small and Medium Business Development Fund of Azerbaijan signed a tripartite joint venture agreement with India's UFlex Group. Concurrently, the Alat Free Economic Zone (AFEZ) signed an investment agreement with Hong Kong Renteng International Trade Co. Limited.

 Historical Background: "Absheron" Gas-Condensate Field
The Absheron gas-condensate field, located on the Caspian Sea shelf about 100 km southeast of Baku, is a cornerstone of Azerbaijan's energy strategy.

* Discovery and Reserves: Discovered in 2011 through an exploration well drilled by an international consortium. The structure covers approximately 270 sq. km, with potential reserves estimated at 350–400 billion cubic meters of gas and substantial volumes of high-quality condensate.
* First Gas: First production under Phase 1 (Early Production Scheme) started in July 2023 via a single deepwater well tied back to the Shah Deniz platform. Current production is about 1.5 billion cubic meters of gas per year.
* Full-Scale Development (Phase 2): The FID signed at the forum propels the project into full-scale development. Phase 2 involves independent subsea infrastructure and a new multi-phase pipeline to the Sangachal terminal. This will triple production to 4.5–5 billion cubic meters per year, splitting the volume between Azerbaijan's domestic market and exports to Turkey and Europe. Full production is expected to launch in 2029