Latest news with #JohnArdill
Yahoo
6 days ago
- Business
- Yahoo
Azerbaijan's SOCAR inks oil exploration deals with ExxonMobil and BP
The State Oil Company of Azerbaijan Republic (SOCAR) has reportedly signed new agreements with Exxon Mobil and bp for oil and gas exploration in the country. This collaboration aims to sustain Azerbaijan's oil output, which is projected to remain at approximately 582,000 barrels per day (bpd) or the next five years with the help of Western energy investments. At the Baku Energy Week conference, the two companies formalised their partnership by signing a memorandum of understanding (MOU), reported Reuters, citing three sources. ExxonMobil is expected to enhance Azerbaijan's onshore production, which currently represents just 5% of its total oil output. ExxonMobil vice-president of global exploration John Ardill said: "In the years to come, we will be able to talk about the potential size of the resource and what the economics might look like.' SOCAR vice-president for geology Arzu Javadova emphasised that the current stage of the agreement is to evaluate project options, with no immediate plans for drilling exploration wells. ExxonMobil also holds stakes in the Azeri-Chirag-Gunashli oil development project and the Baku-Tbilisi-Ceyhan pipeline, which is a key route for Caspian crude to reach Turkey and European markets. SOCAR is expected to announce the divestment of stakes in the Karabakh and Ashrafi-Dan Ulduzu-Aypara offshore oil and gas fields to bp. BP is expected to take over as the operator of the Karabakh project. The move follows bp's expression of interest last year through an MOU with SOCAR. The fields were previously part of a contract with Equinor, which withdrew in 2017 to concentrate on its core assets. In addition to oil, Azerbaijan is also focusing on expanding its natural gas exports. President Ilham Aliyev disclosed at the conference that the country aims to boost its natural gas exports by eight billion cubic metres (bcm) by 2030, building on the 25bcm exported in 2024. BP also announced a final investment decision on the Shafag solar plant project, a 240MW venture in the Jabrayil district of Azerbaijan. The project, estimated to cost $200m (£147.95m), is a collaboration between bp's solar unit, Lightsource BP, SOCAR, and the Azerbaijan Business Development Fund, with completion targeted for mid-2027. "Azerbaijan's SOCAR inks oil exploration deals with ExxonMobil and BP" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Zawya
19-02-2025
- Business
- Zawya
ExxonMobil Fuels EGYPES 2025 with Multiple Interventions
Cairo – ExxonMobil reaffirms its commitment to Egypt's energy future as a prominent participant at EGYPES 2025, held February 17-19 at the Egypt International Exhibition Center. Marking their eighth consecutive year as a diamond sponsor and headline sponsor of the Young Professionals Program, ExxonMobil engaged in vital discussions surrounding the event's theme, "Building a Secure and Sustainable Energy Future." The company showcased cutting-edge technologies and advancements across the energy value chain, from exploration and production to refining and processing. At the forefront of this year's edition, ExxonMobil underscored its dedication to developing the next generation of energy leaders by providing valuable insights and mentorship to young professionals, equipping them with the knowledge and experience necessary to navigate the dynamic energy landscape. This participation reflects ExxonMobil's ongoing investment in expertise-sharing and industry growth within Egypt. In line with this commitment to developing future talent, ExxonMobil's participation featured key contributions from leaders and experts, particularly in research and exploration, notably John Ardill, Vice President of ExxonMobil Global Exploration. In the session "Gas – Powering Energy-Hungry Nations and Industries," Mr. Ardill highlighted ExxonMobil's vision for the future of energy, both in Egypt and globally, focusing on the pivotal role of natural gas as a reliable energy source in bridging the gap to a cleaner, more sustainable energy future. ExxonMobil's active engagement at EGYPES 2025 reinforces its commitment to supporting Egypt's energy sector and driving sustainable growth. Beyond its pavilion, the company continued to support the development of emerging professionals, with ten experts from Egypt, the UK, and the US actively participating in the Young Professionals sessions. The company also facilitated field visits to its 10th of Ramadan and Mex plants in Alexandria, offering hands-on experience in manufacturing, quality, and industrial safety to 80 engineering students from Cairo University, Alexandria University, Al-Galala University, and the American University in Cairo, fostering valuable interaction between industry experts and the next generation of engineers and exposing them to the latest technologies in the field. On this occasion, Amr Abou Eita, ExxonMobil Egypt's Chairman and Managing Director, stated, "We are proud to mark our eighth consecutive year at EGYPES, the region's premier energy event. As a diamond sponsor and headline sponsor of the Young Professionals program, ExxonMobil underscores its commitment to innovation, excellence, and empowerment—values that resonate deeply with EGYPES' mission to serve as a leading platform for collaboration and the advancement of the energy sector." Abou Eita further stated, "We continually strive to create meaningful and impactful opportunities for young professionals, maximizing their development and contributing to the industry's future. This year, we offered a diverse range of activities showcasing ExxonMobil's technological leadership and the latest advancements in our Egyptian operations. Furthermore, we were pleased to partner with experts from the Egyptian General Petroleum Corporation (EGPC) in our geological science workshop, ensuring a rich learning experience for all participants." Furthermore, During EGYPES 2025, ExxonMobil, in collaboration with the Egyptian Natural Gas Holding Company (EGAS), hosted a specialized technical workshop for geoscience students. The workshop featured distinguished speakers, including senior geophysicists from EGAS and the head of ExxonMobil's geological sciences technical team, who shared their expertise. The workshop aimed to expand students' understanding of the field and showcase ExxonMobil's leading expertise in technology and sustainable operations. In addition, young energy professionals delivered short lectures, providing students with valuable insights into career paths within the industry. It is worth mentioning that in 2024, ExxonMobil Upstream Ltd. successfully completed the drilling of the Nefertari-1 well in the North Marakia concession area, utilizing the Valaris DS-9 drilling vessel. This drilling endeavor resulted in the discovery of gas reserves, which ExxonMobil is currently evaluating. QatarEnergy is a partner in the North Marakia concession, which is operated by ExxonMobil. About ExxonMobil Egypt: ExxonMobil has been a leading provider of high-quality fuels and lubricants products and services since 1902 with a wide network of service stations and convenience retail shops. ExxonMobil builds on a rich history that began about 120 years ago in Egypt, starting with the registration of Vacuum Oil Company (Mobil) in 1902. ExxonMobil Egypt has more than 350 service centers under 'Mobil' name, more than 240 service centers for Mobil 1 and Mobil Autocare, in addition to 28 'On the Run' branches, and an increasing number of 'Way to Go' branches that reached 18 branches. ExxonMobil Egypt offers a diversified range of industrial products, lubricant solutions and services, in Egypt and more than 40 countries in Africa, the Middle East, Europe, America and the Far East, supported by two lubricant blending manufacturers in Alexandria and the 10th of Ramadan. Since 2019, ExxonMobil has resumed its interest in exploration and drilling in Egypt. ExxonMobil has been awarded concessions in the Eastern Mediterranean Sea, securing exploration rights to several blocks offshore Egypt, located in the outer Nile Delta. ExxonMobil conducted the largest 3D seismic survey in the East Mediterranean. As part of ExxonMobil's commitment to safety, and adherence to global standards of environmental compliance, ExxonMobil organized a 'Regional Response Team' training in collaboration with the Egyptian authorities demonstrating its highest global 'Readiness to Respond' abilities in emergency situations. ExxonMobil drilled its first well, Nefertari 1 in the North Marakia Block with the objective to identify anchor development opportunities to create a long-term upstream presence in Egypt. ExxonMobil Egypt is committed to participating in many community initiatives related to education, development, and women, serving different sectors and groups in Egyptian society.
