SOCAR and ExxonMobil signed a Memorandum of Cooperation on August 7 in Washington, with the participation of Azerbaijani President Ilham Aliyev and U.S. President’s special envoy Steve Witkoff.
According to Xeberler.az, the document was signed by Azerbaijan’s Minister of Economy Mikail Jabbarov and ExxonMobil Vice President John Ardill.
It should be noted that President Ilham Aliyev is on a working visit to the United States.
This is the second memorandum signed by ExxonMobil and SOCAR this summer. Previously, a Memorandum of Understanding was signed during the Baku Energy Week held from June 2 to 5. According to AZERTAC, the memorandum of understanding was signed by SOCAR President Rovshan Najaf and ExxonMobil Vice President John Ardill. The document outlined joint cooperation in Azerbaijan’s oil and gas sector.
It is worth noting that the long-term energy partnership between ExxonMobil Corporation and SOCAR has continued since the signing of the Contract of the Century in 1994. In particular, the oil giant is a shareholder in the operating company BTC Co.: bp (30.1 percent), SOCAR (32.97 percent), MOL (8.9 percent), TPAO (6.53 percent), Eni (5 percent), TotalEnergies (5 percent), ITOCHU (3.4 percent), ONGC Videsh (3.1 percent), ExxonMobil (2.5 percent), and INPEX (2.5 percent). The American company was also the operator of the exploration project for the "Nakhchivan" structure, where in the late 1990s it discovered an oil and gas field with reserves that were non-commercial at that time.
ExxonMobil recently reported a second-quarter 2025 profit of $7.1 billion, down from $7.71 billion in the first quarter of 2025, due to lower oil prices and reduced refining margins. Despite the profit decline, the company demonstrated strong operational performance, achieving record production levels while maintaining shareholder returns.
