Bank Of Baku

US company may support discovery of unconventional oil deposit in Azerbaijan

US company may support discovery of unconventional oil deposit in Azerbaijan
# 26 August 2025 17:54 (UTC +04:00)

The signing of a cooperation agreement between the State Oil Company of Azerbaijan (SOCAR) and the US company ExxonMobil will contribute to the development of energy relations between the two countries, said Minister of Economy Mikayil Jabbarov at a special meeting dedicated to President Ilham Aliyev’s Washington visit held at the Cabinet of Ministers, APA‑Economics reports.

“We believe that with the support of ExxonMobil, the discovery of a large unconventional oil deposit will be realized in Azerbaijan,” the minister added.

 

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