ExxonMobil is partnering with Azerbaijan's state energy company, SOCAR, on a new venture focused on what the companies called "unconventional hydrocarbon resources" in the Middle Kura Basin. ExxonMobil would be the operator, but work starts only if the country's legislature gives the green light.
For the last 15 years, US shale has been the biggest driver of fresh global oil supply, helping make the US the top crude producer and a liquefied natural gas exporter. ExxonMobil and other companies aim to export the methods refined in West Texas's Permian Basin as well as across US shale regions to geologies that look similar.
Setting up drilling and production outside the US can be trickier, with local legal and regulatory hurdles that often mean lengthy negotiations before any rigs move in. ExxonMobil and SOCAR have been working through commercial and other terms for over a year, a process that received encouragement from the Trump administration.
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Speaking on the deal, ExxonMobil senior vice president Bart Cahir said, "We will combine SOCAR's knowledge of Azerbaijan with ExxonMobil's global experience and technology to better understand the basin's potential and pursue opportunities for safe and efficient development."
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