Azeri state energy company SOCAR is set to sign new agreements for oil and gas exploration in Azerbaijan, including partnerships with Exxon Mobil and BP. This development follows a memorandum of understanding signed between BP and SOCAR, indicating BP's commitment to explore and develop two oil blocks in the Caspian Sea. Azerbaijan boasts significant oil reserves of 7 billion barrels and natural gas reserves of 1.7 trillion cubic meters, positioning it as a key player in the energy sector.

Azerbaijan aims to increase its natural gas exports by 8 billion cubic meters by 2030, leveraging existing and new fields. This strategic move aligns with the country's goal to enhance its role in the global energy market, particularly in supplying Europe with natural gas. The agreements with major players like Exxon Mobil and BP could bolster SOCAR's operational capabilities and financial performance, potentially impacting the competitive landscape in the region.