Eni, SOCAR to collaborate on oil and gas E&P, energy security, emissions reduction opportunities in Azerbaijan

(WO) – Eni CEO Claudio Descalzi and SOCAR (State Oil Company of Azerbaijan Republic) CEO Rovshan Najaf signed a Memorandum of Undestanding (MoU) in Baku to evaluate potential cooperation opportunities in the areas of oil and gas exploration and production, energy security and efficiency, GHG emissions reduction, gas transportation infrastructures and sustainability.

Under the terms of the MoU, Eni and SOCAR will evaluate synergies and investment opportunities in new and existing exploration and production projects, in Azerbaijan and in Eni countries of operations.

They will also assess possible areas of cooperation related to national and international gas transport infrastructures, as well as projects and technologies that allow to reduce GHG emissions. Additionally, the companies will evaluate initiatives to promote sustainable development and a culture of sustainability within the energy industry.

This MoU is in line with Eni’s decarbonization strategy to reach carbon neutrality by 2050 while contributing to energy security and competitiveness of energy supply in Europe. Both Eni and SOCAR adhere to the Oil and Gas Decarbonization Charter, the global industry effort dedicated to speeding up climate action and achieving high-scale impact across the oil and gas sector.