Azerbaijan Signs 23 Documents Involving USD 10.8 Billion in Investment

en.Wedoany.com Reported - On September 26, Azerbaijan's Ministry of Economy announced that the Second Azerbaijan International Investment Forum concluded in Baku. During the forum, Azerbaijan signed a total of 23 documents with international investors and partner companies, involving planned investment projects with a total value of USD 10.8 billion. The relevant projects cover energy and renewable energy, artificial intelligence, the digital economy, industry, construction, agriculture, pharmaceuticals, finance, and water resource management. The types of documents include final investment decisions, production sharing agreements, investment agreements, joint venture agreements, strategic cooperation agreements, and memoranda of understanding.

Among the documents signed this time, energy projects accounted for a significant proportion. Azerbaijan's state oil company SOCAR, TotalEnergies, and XRG formally made the final investment decision for the full-field development of the Absheron gas and condensate field. The project is located in the Caspian Sea, approximately 100 kilometers southeast of Baku, with TotalEnergies holding a 35% stake and serving as operator, SOCAR holding 35%, and XRG holding 30%. Phase 1 of the field came on stream in 2023 and currently has a gas production capacity of approximately 1.5 billion cubic meters per year and a condensate production capacity of approximately 12,000 barrels per day. After full-field development is completed, total gas production capacity is planned to increase to 6 billion cubic meters per year, and condensate production is planned to increase to 47,000 barrels per day. The project is scheduled to commence additional production in 2029.

The full-field development plan includes 4 subsea production wells, a subsea transportation pipeline system, and new onshore processing facilities, with the onshore facilities designed to be fully electrified. The additional natural gas will be supplied both to Azerbaijan's domestic market and transported to Turkey through existing gas infrastructure. TotalEnergies disclosed that the Absheron field has recoverable natural gas reserves of approximately 140 billion cubic meters. This FID advances the project from the previous engineering design and environmental impact assessment stage to the development and implementation stage following the investment decision.

During the forum, SOCAR also signed a production sharing agreement with ExxonMobil for the exploration, development, and production of unconventional oil and gas resources in Azerbaijan's Middle Kura Basin, with each party holding a 50% interest and ExxonMobil serving as operator. SOCAR also signed a strategic cooperation framework agreement with Comstock Resources, a strategic cooperation memorandum of understanding with Apollo for investment in upstream development and production projects, and a cooperation memorandum with SEFE covering natural gas, LNG, energy infrastructure, and upstream projects.

According to data from Azerbaijan's Ministry of Economy, combined with cooperation projects announced during Baku Energy Week in June this year, the total value of relevant joint projects announced by the country in 2026 has reached USD 16.7 billion. Other documents exchanged on September 26 also included an agreement between SOCAR and Eni completing the transaction for a 10% interest in the Baleine oil and gas project in Côte d'Ivoire, a tripartite joint venture agreement signed between the Azerbaijan Business Development Fund and India's UFlex Group, and a strategic partnership and investment framework agreement signed between Azerbaijan's Ministry of Economy and Carlsberg Group.