BAKU (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.