Exxon signs shale deal with Azerbaijan for Middle Kura Basin

Kevin Crowley / Bloomberg09-27 04:26

ExxonMobil Holdings Corp agreed to pump oil and natural gas from Azerbaijan's shale fields as the Texas energy giant takes its fracking expertise overseas. (Sept 26): ExxonMobil Holdings Corp agreed ...

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(Sept 26): ExxonMobil Holdings Corp agreed to pump oil and natural gas from Azerbaijan's shale fields as the Texas energy giant takes its fracking expertise overseas. \nExxonMobil has entered a joint venture with Azerbaijan's state oil company Socar that will allow it to explore and develop \"unconventional hydrocarbon resources\" in the Middle Kura Basin, the companies said in a statement. ExxonMobil will operate the project, pending approval by the country's legislature. \nUS shale has been the largest source of new global oil supplies for the past 15 years, transforming the country into the biggest producer of crude and exporter of liquefied natural gas. ExxonMobil and others are keen to take the lessons learned in the Permian Basin and other US shale fields to countries with similar geologic endowments. \nThe legal and regulatory structures governing such drilling and oil production often are more complicated than in the US, requiring extensive negotiations before operations commence. ExxonMobil and Socar have been in talks for more than a year on the commercial and other aspects of the deal, which has been encouraged by the Trump administration. \n\"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,\" said Bart Cahir, an ExxonMobil senior vice-president. \nUploaded by Liza Shireen Koshy","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2670406763","isCrawlerRequest":true}