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SOCAR to sign agreements with Exxon and BP - sources

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Azerbaijan to increase natural gas exports - Aliyev says

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By Nailia Bagirova

BAKU, June 2 (Reuters) - Azeri state energy company

SOCAR will sign new agreements soon for oil and gas exploration

in Azerbaijan, including with Exxon Mobil ( XOM ) and BP,

three sources told Reuters on Monday.

The sources, who spoke on condition of anonymity, declined

to give further details.

Azerbaijan has proven oil reserves of 7 billion barrels and

proven natural gas reserves of 1.7 trillion cubic metres,

according to the U.S. Department of Energy.

Azerbaijan plans to increase natural gas exports by a

total of 8 billion cubic metres (bcm) by 2030, President Ilham

Aliyev said on Monday.

The additional volumes will be produced from five

existing and new fields, Aliyev said.

Azerbaijan exported 25 bcm of natural gas in 2024.