SOCAR and bp to cooperate on new energy development opportunities globally

SOCAR (The State Oil Company of Azerbaijan Republic) and bp today announced that they were entering into a memorandum of understanding (MOU) to underpin their intention to explore potential cooperation in international oil and gas upstream projects aimed at enhancing security of energy supplies, Report informs.

Under the MOU, the companies will jointly evaluate potential for synergies and certain new investment opportunities in the field of hydrocarbons exploration and production internationally.

The MOU also reflects the two companies’ intention to share expertise and knowledge in assessing opportunities to ensure secure and affordable energy supplies to the world.

Rovshan Najaf, president of SOCAR, said: "This agreement marks not only a new chapter in our long-standing partnership with bp but also coincides with the 30th anniversary of the “Contract of the Century,” a historic milestone for Azerbaijan. Signed under the leadership of our national leader Heydar Aliyev, that agreement laid the foundation for Azerbaijan’s role as a key global energy supplier. Building on this legacy, we are now looking beyond our borders to explore new opportunities, ensuring secure and sustainable energy supplies for the future."

Gary Jones, bp’s regional president for Azerbaijan, Georgia and Türkiye, said: “Today we are laying the foundation of a new era of cooperation with SOCAR. We have worked together for 30 years successfully developing Azerbaijan’s oil and gas resources, which have secured the country’s role as a reliable energy supplier to the region and the world. Now it’s time to look for new areas of collaboration both regionally and globally, and embark on new partnership opportunities. Together we can achieve a lot. We are pleased to start a new page of cooperation with SOCAR joining our efforts to provide the world with energy it needs today.”